By David GaffenNEW YORK (Reuters) -Oil prices dropped nearly 2% on Wednesday, pulling back from multi-year highs, as an unexpected rise in U.S. crude inventories prompted buyers to take a breather after recent torrid gains. U.S. crude inventories rose by 2.3 million barrels last week, against expectations for a modest dip of 418,000 barrels, the U.S. Energy Department said. “We saw some profit taking as oil had run up significantly,” said Gary Cunningham, director at Tradition Energy in Stamford, Conn. The United States ended a 40-year ban on crude exports in late 2015 and now ships out more than 3 million barrels of crude daily. “I don’t think we’re at a point where we want to limit exports of crude oil or natural gas,” Cunningham said.

Source: MetroXpress October 06, 2021 13:41 UTC