Oil Slides With Broader Market Selloff Adding to Demand Concerns
- WTI fell 1.5% Tuesday with U.S. equities down for second day
- U.S. oil inventories rose 436,000 barrels last week: API
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Oil slumped the most in two weeks alongside a broader market rout as a resurgent virus in some of the world’s top oil importers highlighted the uneven road to recovery.
West Texas Intermediate fell 1.5% to the lowest in a week as the S&P 500 Index posted its first back-to-back decline since late March. The rampant virus spread in countries such as India is casting a shadow on optimism over the global economic rebound. Annual crude imports in the Asian country fell for the first fiscal year since the late 1990s with refiners cutting run-rates.