Oil slides 2% as U.S. inventories build, weak economic data weighs - Reuters

Oil slides 2% as U.S. inventories build, weak economic data weighs - Reuters:

Oil prices fell more than 2% on Wednesday after official data showed a rise in U.S. crude inventories, adding to worries about an oversupplied market as weak economic readings in the United States depressed global financial markets.

Brent crude futures settled down $1.20, or 2%, at $57.69 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 98 cents, or 1.8%, to settle $52.64 a barrel. 


Wall Street’s main indexes tumbled more than 2% as data suggested fallout from the U.S.-China trade war was hurting the U.S. labor market. World equity benchmarks hit their lowest levels in a month.

U.S. crude inventories rose 3.1 million barrels last week, the Energy Information Administration said, far exceeding analyst expectations for an increase of 1.6 million barrels.