Crude Oil Slumped over -3% on Inventory Build

Crude oil prices slumped as US inventory soared last week. The front-month WTI contract declined for a third consecutive day, losing -3.56%, to settle at 44.7. The Brent contract also fell -2.75% to close at 47.04. Equities weakened as dragged down by the energy sector. Wall Street was torn between weakness in energy sector and encouraging economic data, leaving DJIA and S&P 500 indices down -0.3% and -0.2% at close.