Oil Sinks to Lowest Three Weeks Amid Broader Market Meltdown
- U.S. crude supplies increased by the most since mid-March
- Traders follow nuclear talks that could boost Iranian supply
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Oil plunged to the lowest in three weeks alongside a broader market decline with traders also concerned about growing supply from the U.S. and Iran.
Futures in New York tumbled 3.3% on Wednesday as increasing inflation fears rattled broader markets. Equities declined and the dollar strengthened, making raw materials priced in the currency less attractive.