Oil slumps more than 4% on weak global economic data, U.S. crude build - Reuters

Oil slumps more than 4% on weak global economic data, U.S. crude build - Reuters:

Oil prices sank more than 4% on Wednesday after global demand fears were revived by weak economic data from China and Europe and an unexpected build in U.S. crude inventories.

Brent crude LCOc1 was down $2.59, or 4.2%, to $58.71 a barrel, by 11:45 a.m. EDT (1545 GMT), nearly erasing the previous session’s sharp gains after the United States moved to delay tariffs on some Chinese products.

The global benchmark rose 4.7% on Tuesday, its biggest daily percentage gain since December.

U.S. West Texas Intermediate (WTI) crude futures CLc1 slumped $2.68, or 4.7%, to $54.42 a barrel, having risen 4% the previous session, the most in just over a month.