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Oil Set for Worst 2-Day Drop Since July

Thursday,   11-Oct-2018   03:46 PM (IST)

In commodities, oil headed for the biggest two-day drop since July, as a rout in global stock markets rattled investors.Supply worries also eased after an industry report showed U.S. crude inventories rose more than expected and as Hurricane Michael spared oil assets from significant damage as it smashed into Florida.U.S. oil futures dropped 1.8% in New York to reach a two-week low of $71.81 a barrel, after sliding 2.4% Wednesday.Meanwhile, international benchmark Brent crude oil futures were at $81.41 a barrel, down about 2%. They earlier touched their lowest since Sept. 28 at $81.31, after closing 2.2% lower in the prior session.Looking ahead, the U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended Oct. 5 at 11:00AM ET.The data comes out one day later than usual due to the Columbus Day holiday, observed on Monday.