Oil Drifts to February Lows Amid Physical Weakness, Stock Slump
- WTI settles below $77 a barrel, the lowest since late February
- US crude stockpiles at Cushing swelled to highest since July
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Oil slipped as broader investment sentiment soured and traders weighed signs of a weakening physical market ahead of the start of the US summer driving season.
West Texas Intermediate settled below $77 a barrel for the first time since late February. Crude prices have tracked broader financial markets amid a muddled outlook for the commodity’s fundamentals. A report Wednesday showed inventories at the key storage hub in Cushing, Oklahoma, swelling to the highest in 10 months, while US gasoline demand improved marginally ahead of the Memorial Day holiday weekend.