Crude oil is falling again

Crude oil is falling again.

On Wednesday morning, the price of crude oil was down another 2%, with West Texas Intermediate crude oil breaking back below $US49 a barrel.

This follows a roughly 4% loss for WTI on Tuesday, with these losses following a furious rally for oil prices over the preceding couple weeks.

Brent crude prices were also down mor than 2% on Wednesday to around $US55 a barrel.

The main oil-related data on Wednesday was a report from the EIA which showed that crude oil inventories rose 4.87 million barrels last week.

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