The bad news has gotten badder for oil with the first stockpile build for U.S. crude in eight weeks, while global benchmark Brent slipped deeper into bear-market territory.
New York-traded West Texas Intermediate crude settled down $2.54, or 4.7%, at $51.09 per barrel. WTI has slid for a third day in a row and is down about 8% on the week and 13% on the month.
London-traded Brent crude, the benchmark for oil outside of the U.S., tumbled $2.71, or 4.6%, to close at $56.23, remaining under the key $60 per barrel.
Both WTI and Brent have fallen over 20% since late April, befitting a bear market.
For the year, WTI remains up about 12% while Brent is now up less than 5%. In April, Brent was up as much as 38% on the year.
Source : Investing.com