Oil futures plunged on Wednesday, with a sell-off in gasoline helping to accelerate the commodity’s slide amid an official report showing builds in crude and refined product inventories in the US. Data from the Energy Information Administration (EIA) show commercial crude inventories in the US swelled by 4.7 million barrels to 476.8 million bbl the week ended May 17, contrary to analysts’ expectations and a larger build than was predicted by the American Petroleum Institute (API) late Tuesday.
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