Global oil futures prices slipped nearly five percent Wednesday, sharply dropping below 53 dollars a barrel on the back of reports that U.S. crude inventories had risen more than expected.
Crude for December delivery fell 2.71 dollars, or 4.9 percent, to settle at 52.46 dollars a barrel on the New York Mercantile Exchange. Wednesday's closing price was the lowest in two weeks.
In New York, a record settlement price of 55.17 dollars was reached last Friday and matched Tuesday. In London, Brent crude futures slid 2.11 dollars to settle at 49.45 dollars per barrel on the International Petroleum Exchange.
Global oil prices plunged in the wake of Washington's announcement last week that U.S. inventories of crude oil had grown by 4 million barrels to 283.4 million barrels — an increase that was about twice as large as what Wall Street was expecting.