Oil Slides as U.S. Supplies Hit Two-Month High

The price of oil slid on Wednesday on the back of a government report showed U.S. crude inventories had increased the most in two months.

According to Bloomberg:

West Texas Intermediate fell as much as 3.6 percent in New York. Stockpiles climbed 7.27 million barrels in the week ended Dec. 19 as imports surged, the Energy Information Administration said. The report was projected to show a 2.5 million-barrel decline, according to the median estimate in a Bloomberg survey of nine analysts. Gasoline supplies advanced to a seasonal record.

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