Oil slides 2% as US inventories build, weak economic data weighs

Brent crude futures settled down $1.20, or 2%, at $57.69 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 98 cents, or 1.8%, to settle $52.64 a barrel. U.S. crude inventories rose 3.1 million barrels last week, the Energy Information Administration said, far exceeding analyst expectations for an increase of 1.6 million barrels. (Filepic crude storage at Cushing, Oklahoma. - Reuters)

NEW YORK: Oil prices fell more than 2% on Wednesday after official data showed a rise in U.S. crude inventories, adding to worries about an oversupplied market as weak economic readings in the United States depressed global financial markets.

Brent crude futures settled down $1.20, or 2%, at $57.69 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 98 cents, or 1.8%, to settle $52.64 a barrel.