Mubasher: Oil prices declined and settled near its lowest level in two months, as American crude lost nearly 3% due to a surprising jump in oil inventories in the United States.

Crude stockpiles in the US rose by 6.8 million barrels last week, as shown by the date of the Energy Information Agency’s (EIA) weekly report.

Experts were expecting a 2.6 million barrel draw in American crude inventories.

Nymex futures for September delivery went down by 3% to $65.01 per barrel, its lowest level since 6 June.

Meanwhile, Brent crude futures for October delivery is down 2.1%, trading at $70.92 a barrel.