Crude oil prices tumble on increased supplies in US

A big build in U.S. crude and gasoline stocks sent crude oil prices tumbling more than 2% on Wednesday.

At the same time, there are growing worries about the effects of a new China-U.S. trade war and there is a soft demand for gasoline. One analyst told Reuters,“Refiners just don’t have a call for crude right now.”

West Texas Intermediate, the U.S. benchmark dropped $1.67 or 2.3% and finished at $71.03 a barrel on the New York Mercantile Exchange.

Global standard Brent crude fell $1.59 or 2.09% to $74.61 a barrel.

Oklahoma energy stocks split between gains and losses in Wednesday’s trading. Mammoth Energy saw a nearly 3% increase for the day.