Oil Down, Loses Momentum After Reaching High By

© Reuters.

By Gina Lee – Oil prices slid for a second straight day after peaking with a seven-year high at the start of the week, after a jump in U.S. crude inventory was discovered.

dropped 2.23% to $82 by 12:01 AM ET (4:01 AM GST) and {{8849|}
} also tumbled 1.97% to $81.03.

showed a . Forecasts prepared by had predicted a build of 1.914 million barrels, while a 431,0000-barrel draw was recorded during the previous week. 

, released the day before, showed a 2.318-million-barrel build. 

The “hefty” EIA stock build came “on the back of a large jump in net imports of crude oil and still sluggish refinery processing,” stated analysts of Citi Research commodities in a note.

However,  EIA data also showed that fell by 1.994 million barrels to the lowest in nearly four years, even as U.S. consumers are challenged with rising prices.

Meanwhile, crude storage is the most depleted in three years at the WTI delivery hub in Cushing, Oklahoma. The prices for longer-dated futures contracts showed that supplies will stay low for months.

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