Investing.com - West Texas Intermediate oil futures crashed to a two-week low on Monday, after industry data showed that supplies at the Cushing, Oklahoma delivery point for U.S. crude rose last week.
Crude oil for delivery in December on the New York Mercantile Exchange shed 43 cents, or 0.97%, to trade at $43.86 a barrel during U.S. morning hours. It earlier fell to $43.83, the lowest since October 28.
Nymex oil prices slumped to the lowest levels of the session after industry research group Genscape estimated a build of approximately 1.8 million barrels at Cushing, Oklahoma in the four days to November 5.
New York-traded oil futures lost $2.14, or 4.94%, last week, after data showed that oil supplies in the U.S. rose for the sixth consecutive week, remaining near levels not seen for this time of year in at least the last 80 years.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery dipped 2 cents, or 0.05%, to trade at $48.15 a barrel. London-traded Brent futures dropped $2.08, or 4.32%, last week, the third weekly loss over the past four.
The oil market has been volatile in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.
Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.