Bullionguru’s,”U.S. crude prices plummet on rising production levels”

U.S. oil moved sharply lower on Friday, as news this week of a rise in U.S. oil production weighed heavily on the commodity.

U.S. crude futures for August delivery were down 3.03% at $44.14 a barrel, the lowest since June 28.

On the ICE Futures Exchange in London, the September Brent lost 2.95% to $46.71 a barrel, also the lowest since June 28.

The Energy Information Administration said U.S. crude inventories fell by 6.299 million barrels in the week ended June 30, compared to expectations for a drawdown of 2.28 million barrels.

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