Oil slumps on U.S. crude stock build, WTI touches January low - Reuters

Oil slumps on U.S. crude stock build, WTI touches January low - Reuters:

Oil prices fell on Wednesday, with West Texas Intermediate crude futures (WTI) dropping to its lowest since January after U.S. crude inventories unexpectedly surged, adding to concerns about slowing global growth.

Futures strengthened slightly early in the session and then plunged after U.S. inventory data was released.

Brent futures settled down $1.34, or 2.2%, at $60.63 a barrel. WTI ended $1.80, or 3.4%, lower at $51.68 a barrel. During the session, WTI touched a low of $50.60 a barrel, its lowest since Jan. 14.