Oil Prices Sink 3% as Rising U.S. Inventories Deepen Oversupply Fears

Oil prices plummeted in early trading on Wednesday as traders reacted to another rise in U.S. oil inventories, and signals continue to mount that global supply is running ahead of demand. At the time of writing, WTI was trading at $58.91 per barrel, down 3.01% on the session... While Brent slipped to $63, down by roughly 2.91%. The drop came after prices had climbed in the previous session on the back of Trump announcing interviews for a new Fed chair, a statement that briefly lifted risk sentiment by ...