Oil slumps 4% on U.S. crude build, slowing demand fears - Reuters

Oil slumps 4% on U.S. crude build, slowing demand fears - Reuters:

Oil prices tumbled 4% on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in U.S. crude stockpiles and by a dimming outlook for global oil demand.

Brent crude futures fell $2.32, or 3.7%, to settle at $59.97 a barrel, the international benchmark’s lowest close since Jan. 28.

U.S. West Texas Intermediate crude futures ended $2.13, or 4.0%, lower at $50.72 a barrel, its lowest settlement since Jan. 14.