Crude oil futures plunged further on Wednesday and ended at a one-week low, ahead of the official US crude oil inventory data with investors expecting the data to show an increase in stockpiles. Oil prices have risen in last few sessions on concerns that the Ukraine-Russia conflict will disrupt crude shipments from Russia, the world's second largest exporter. However, the election of Petro Poroshenko as Ukraine's new president over the weekend eased the worries of ongoing crisis with neighboring Russia and helped the prices to dip as well.
Benchmark crude oil futures for July delivery declined by $1.39 or 1.3 percent to close at $102.72 a barrel after trading in a range of $104.39 and $103.25 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for July delivery declined by 0.18 percent to $109.83 a barrel on the ICE.
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