Oil Sinks to 10-Week Low After Surprise U.S. Stockpile Build
- U.S. crude oil inventories jump to the highest in 17 months
- Turkish crisis adds to demand fears stoked by U.S.-China spat
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Oil plunged after U.S. stockpiles swelled by the most since March 2017 as investor concerns increased that the U.S.-China trade war and the Turkish crisis will undercut demand.
Futures in New York fell 3 percent on Wednesday to the lowest level since June 6. American crude inventories increased by 6.81 million barrels last week, the Energy Information Administration reported, contrary to analyst estimates for a 2.5 million-barrel decline in a Bloomberg survey.