Crude falls 4% amid surprising Cushing build, global slowdown fears
Tuesday, suffering its worst one-day decline in a month, as investors responded to reports of an unexpected build at the Cushing Oil Hub in Oklahoma, reigniting longstanding concerns related to the global supply glut on global energy markets. On the New York Mercantile Exchange, WTI crude for August delivery traded between $46.34 and $48.74 a barrel before closing at $46.66, down $2.33 or 4.76% on the session. On the Intercontinental Exchange (ICE), brent crude for September delivery wavered between $47.55 and $50.05 a barrel, before settling at $47.97, down $2.13 or 4.25% on the day. Both the international and U.S. benchmarks of crude tumbled to levels from late last month when oil futures slid more than 4% on June 24, following the surprising results of a U.K. referendum that could pave the way for a British departure from the European Union. On Tuesday, crude prices fell considerably after data intelligence firm Genscape, Inc. reported a build of 230,026 barrels last week at Cushing for the week ending on July 1. Supply levels at Cushing, the main delivery point for NYMEX oil, have lingered near full storage capacity for the majority of the last year.
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