China tackles coal shortage with touch measures on speculations and hoarding
The price of crude oil fell on Wednesday, something that certain analysts were quick to associate with the US crude oil builds during the past week, confirmed by the latest data. The API, the American Petroleum Institute, said on Tuesday that the US crude inventories rose by 2.3 million barrels for the week ending October, 22. The EIA, US Energy Information Administration, meanwhile, released its own data for the same periods that was 4.3 million barrels. Since the figures were substantial as far as the world’s largest consumer of the fossil fuels is concerned, the crude oil markets quickly reacted to the development as expected; the price of both WTI and Brent went down significantly reflecting the anxiety of the investors. As of 17:00 GMT, the price of WTI and Brent were $82.20 and $84.58 respectively. Before the price of crude oil fell on Wednesday, it had become seven-year high in the US and many developed nations; analysts feared the rise would make an unfavourable impact