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Oil Plunges Nearly 5% as Crude Stock Build Adds to China Woes


Thursday, 8 August 2019 03:44 WIB

MinyakWTIBrent


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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


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