Oil dives nearly 5% to seven-month low on surprise U.S. stock build, trade war

il prices tumbled more than 4.5% on Wednesday to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears that demand will shrink due to Washington’s escalating trade war with Beijing, Trend reports citing Reuters.

Brent crude futures LCOc1 settled down $2.71, or 4.6%, at $56.23 a barrel, the lowest close since early January. Prices have lost 24.5% since their 2019 peak in April.

U.S. West Texas Intermediate (WTI) crude futures CLc1 finished $2.54, or 4.7%, lower at $51.09.