The Standard & Poor's 500 advanced 1.1 percent and hurtled beyond its top level set in October 2007. The U.S. Energy Information Administration, a division of the U.S. Energy Department, released economic data noting inventories surged to 250,000 barrels last week, Reuters reports. But the Wednesday trade session kicked off with gains after China released economic data indicating imports increased while tensions in oil-rich Iran were apparent.
"The actual physical demand, as evident from the wet barrels market, remains subdued," oil and commodities strategist Andrey Kryuchenkov with VTB Capital told Reuters on Wednesday.
At 11:11 a.m. on Wednesday, Brent crude oil futures dropped 0.52 percent, a 66-cent slide to $105.71 per barrel. At 11:16 a.m., West Texas Intermediate crude oil prices fell 0.33 percent, a 33-cent dive to $93.98 per barrel.
Reuters reports the Organization for the Petroleum Exporting Countries slashed its global growth forecast and noted consumption of the energy commodity has grown weaker.
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