Despite data showing a massive drop in crude stockpiles in the U.S. in the week ended July 28, oil prices fell on Wednesday amid concerns about outlook for demand.
West Texas Intermediate Crude oil futures for September ended lower by $.88 or about 2.3% at $79.49 a barrel.
Brent crude futures settled at $83.20 a barrel, losing $1.71 or about 2%.
Data from the Energy Information Administration (EIA) showed crude inventory in the U.S. dropped by 17.049 million barrels in the week ended July 28, substantially larger than an expected drop of just about 1.37 million barrels.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.