Oil tumbled on buildup US crude inventories

International benchmarks for crude oil fell sharply on Wednesday, 4 August 2021 after a report from the EIA showed a 3.6 million barrels buildup in US crude inventories last week, signaling that the market is coping with the rising number of COVID-19 infection cases. Meanwhile, the fast-spreading Delta variant heightens the threat to demand across the world.

Brent for October delivery tumbled $2.03 to $70.38/barrel.

WTI plunged $2.41 to settle at $68.15/barrel.