Crude Takes Big Tumble on Stock Build; US Benchmark Weakens

摘要

Bears looking for a catalyst to pull oil back from the $70 level got it Wednesday when a surprisingly large increase in crude inventories, assisted by negative economic data, caused prices to nosedive. September Brent on ICE Futures, now considered the best benchmark for global oil prices, tumbled $3.35, or 4.8%, to $66.53 per barrel. Nymex September futures shed $3.88 to $63.35, taking the prompt contract's discount to Brent above $3 for the first time since Feb. 12.