The price of oil tumbled Wednesday in the wake of a report that revealed a surprise build-up in U.S. crude supplies last week. The July contract for West Texas Intermediate crude, the North American benchmark, dropped by $2.47 to settle at $45.72 US a barrel. Earlier in the day, the U.S. Energy Information Administration reported a 3.3 million barrel increase in commercial crude oil inventories. The price for Brent crude, the international benchmark, slid by almost four per cent, dropping $1.99 to hit $48.13 US a barrel. Some recent opinion polls indicate Labour Party Leader Jeremy Corbyn may be catching up to May and her Conservatives.

Source: CBC News June 07, 2017 17:13 UTC