Oil Sinks With Rising U.S. Stockpiles Adding to Virus Woes
- Domestic crude supplies surged by most since July: EIA
- The U.K., France may impose stricter measures to curb virus
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Oil clung to losses along with broader markets as swelling U.S. crude stockpiles added to uncertainty over the economic impact of rising coronavirus cases worldwide.
Futures in New York tumbled as much as 6.2% on Wednesday, the biggest intraday drop in three weeks. An Energy Information Administration report showed domestic oil inventories rose 4.32 million barrels last week, the biggest build since July.