Oil tumbles as much as 2% as Oklahoma crude piles up

Roughneck
Brian Waldner is covered in mud and oil while wrestling pipe on a
True Company oil drilling rig outside Watford, North
Dakota.

Reuters/Jim
Urquhart

Oil prices slid Monday after inventories at a key US crude
delivery hub jumped last week, adding to demand concerns.

West Texas Intermediate was down 0.6% to $67.34 per barrel at
3:15 p.m. ET. Brent, the international benchmark, shed 0.3% to
$72.74 a barrel. Both had fallen more than 2% in midday trading.

Market research firm Genscape data showed inventories at the
Cushing delivery hub for WTI rose by 1.7 million barrels in the
week ending Aug. 10,
according to Reuters. Inventories at that facility had
previously been shrinking amid disruptions at a Canadian
processing facility.

Jameel Ahmad, global head of currency strategy and market
research at FXTM, said there is a “risk off sentiment across
global markets” amid a currency crisis in Turkey. 

Markets worry the sell-off, which shows no clear signs of
stopping, could spill over to other countries. Analysts say it
has already hit several emerging market currencies,
including the South African rand, Russian ruble, and Mexican
peso. 

Also on Monday, a monthly OPEC report showed oil production in
Saudi Arabia unexpectedly fell last month from June. Riyadh told
Washington in June it would increase output in attempt to make up
for Iranian barrels taken off the market by US sanctions. 

Markets Insider