Oil futures tumbled Wednesday after a report on U.S. crude inventories showed a record weekly buildup. "This is the largest weekly crude build since the EIA began reporting weekly oil stocks in 1982," said Tony Starkey, manager of energy analysis at Platts Analytics, in a commentary. That was the highest level of crude imports since September of 2012," he said. Starkey said the bigger story for oil remains OPEC, and whether the cartel will follow through on a proposed production cut at a meeting slated for the the end of this month. The price of oil has retreated more than 10 per cent in the last two weeks, according to Reuters.

Source: CBC News November 02, 2016 18:33 UTC