US oil plummets as stockpiles jump

(Reuters)  Crude weakened broadly on Wednesday, led by a steep swoon in U.S. crude as inventories in the United States soared to a new record, although by less than analysts had expected.

The Energy Information Administration reported that crude stocks jumped to nearly 1.7 million barrels in the latest week. A Reuters poll of analysts revealed expectations that U.S. crude stocks rose 2.4 million barrels, but the build put U.S. energy stocks near their highest level since the EIA started collecting data.

Prices took a hit after U.S. data showed the economy barely grew last quarter, amid a frigid winter that sent activity grinding to a halt. The data stoked fears about demand in the world’s largest energy consumer.

Currently Crude trades at $99,82 and Brent at $108, lowest levels in weeks.