Oil Prices Plunge After Crude Stockpiles Soar

Expert calls crude imports remarkable

Image Credits: Roy Luck, Flickr.

Oil prices extended losses on Wednesday after government data showed a big, unexpected jump in stockpiles of U.S. crude, compounding pressure as the outlook for global economic growth darkened and the stock market slumped.

Global benchmark Brent crude oil was down $1.88, or 2.6 percent, at $70.58 by 12:17 p.m. ET (1617 GMT), after hitting a four-month low at $70.30.

U.S. light crude fell $1.99 a barrel, or 3 percent, to $65.05, bouncing off an eight-week low of $64.51.

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