Crude oil plunges 3%

Crude oil futures dropped more than 3% overnight to settle at their lowest level in roughly three months.

U.S. government data showed that crude supplies fell more than expected last week but the increase in distillate inventories higher than forecast.

West Texas Intermediate for August delivery fell 3.1% to settle at US$51.41 a barrel on the New York Mercantile Exchange.

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