Oil Plunges as U.S. Storage Swells, Demand Outlook Worsens
- WTI closes at lowest in five months, falls most this month
- U.S. crude inventories rose to the highest level since 2017
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Oil slumped to its lowest in almost five months as American crude stockpiles climbed and the U.S.-China trade war continued to put pressure on demand.
Futures dropped 4% in New York on Wednesday after government data showed U.S. crude stockpiles climbed to their highest since July 2017. Almost all of the increase was at the Cushing, Oklahoma, supply hub, further weighing on prices.