Aug
08
Oil Prices Plunge as Stockpiles Jump
ByCrude slides to lowest close since June as fuel inventories reach seven-month record
Oil prices fell to their lowest level in nearly seven weeks Wednesday as total U.S. stockpiles of oil and fuel hit a seven-month high and U.S.-China trade tensions escalated.
Light, sweet crude for September delivery slid 3.2% to $66.94 a barrel on the New York Mercantile Exchange. That was its lowest close since June 21. Brent crude, the global benchmark, also fell 3.2%, to $72.28 a barrel…
