Oil tumbles as much as 2% as Oklahoma crude piles up
- Oil prices fell more than 2% on Monday.
- Data showed inventories at the US crude delivery hub rose last week.
- Watch oil trade in real time here.
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.
