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crude oil slumps as surge in Large quantity of US Stockpiles

WTI: Crude oil fell below $85 per barrel  after gaining almost 1% in the previous session, as an industry report pointed to a large build in US crude stockpiles, while fears of a global recession continued to hang over the market.

Data from the American Petroleum Institute showed that US crude inventories surged by about 4.5 million barrels last week, far exceeding expectations for a build of about 200,000 barrels.

Investors also continued to fret about the prospect of a global economic slowdown, with soft US data this week signaling that aggressive monetary tightening in recent months are already having an impact on the economy.

Meanwhile, Crude oil prices have remained in a sideways trading range for the past five sessions as investors also weighed OPEC+’s decision to cut output stockpiles by 2 million barrels from November, as well as the looming European Union ban on Russian crude in December