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  • The price of benchmark US WTI crude dropped around five percent Wednesday after US data showed a jump in stockpiles and as virus-hit Asia experiences a weak pick-up in demand. West Texas Intermediate dropped 4.9 percent to $62.31 per barrel. European benchmark Brent North Sea crude shed 4.4 percent to $65.66. The sharp falls mirrored volatility across different financial markets on Wednesday, with global share prices sliding on high inflation fears and bitcoin losing a quarter of its value. "With so many movements across world markets, volatility investors are clearly the big winners," noted Spreadex trader Hugh Shields, adding that gold was benefitting from its status as a haven investment during times of financial unrest. bp-bcp/lth
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  • US oil price sheds 5 percent after jump in stockpiles
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