Mubasher: Oil prices dropped on Wednesday after data indicated a rise in US crude oil by more than expected, signaling growing supply.
US crude grew by 2.27 million barrels in the week ended 26 August, after rising by 2.5 million barrels the week before, according to data issued by the US Energy Information Administration (EIA).
Analysts had expected a rise in US oil supply by only 600,000 barrels last week.
Oil prices dropped on the back of the newly-released data, with US Nymex and Brent crude falling 2.2% to $45.43 and $47.31 per barrel, respectively, by 2:42pm GMT.
