Oil Plunges 5.5% As Covid 19 cases Rise, U.S. Oil Stockpiles Surge

Oil hit a four-month low in London alongside a broader market selloff.
Swelling U.S. crude stockpiles adds to concerns that a fresh surge in covid 19 cases may derail the global economic recovery.
Global benchmark Brent futures plunged to the lowest since June, while futures in New York slid 5.5% on Wednesday, falling to the lowest in almost a month.
An Energy Information Administration report showed domestic oil inventories rose 4.32 million barrels last week, the most since July.
Still, the...