Oil Posts Largest Decline in 2 Weeks Ahead of Producers Meeting
- Genscape reported the biggest stock build in years at Cushing
- WTI ends lower despite attempting to recover from 11% dive
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Oil recorded its first loss in three days on signals that a glut is growing at America’s biggest storage depot and concern that an upcoming meeting among producers won’t yield large enough production cuts to offset cratering demand.
Futures closed 8% lower in New York Monday, after earlier plunging as much as 11%. Industry data provider Genscape Inc. reported a 5.8 million-barrel rise in crude inventories in Cushing, Oklahoma, last week. This would be the largest weekly build at the hub in data going back to 2004 if the U.S. Energy Information Administration confirms it Wednesday.