Oil Settles At Lowest Level Since April

By Myra P. SaefongMarketWatch Pulse

Oil futures dropped more than 3% on Wednesday to settle at their lowest level in roughly three months. U.S. government data showed that crude supplies fell more than expected last week, but the increase in distillate inventories higher than forecast. August crude fell $1.63, or 3.1%, to settle at $51.41 a barrel on the New York Mercantile Exchange.

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