WTI falls to $79 on stockpile build, weak demand

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The U.S. flag is displayed at Tesoro’s Los Angeles oil refinery.

Lucy Nicholson | Reuters

U.S. oil prices tumbled more than 3% to $79 a barrel on Wednesday, the lowest level in seven weeks as crude stockpiles surged on lackluster demand.

West Texas Intermediate has fallen 9% from its closing high for the year of $86.91 a barrel when traders bid up prices in April on war fears in the Middle East.



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