Oil Prices Sink as Coronavirus Cases and Supplies Rise

Oil prices tumbled in pre-market trading on Wednesday. Brent, the global oil price benchmark, was down nearly 4% to less than $40 a barrel; WTI, the U.S. benchmark, slumped 4.5% to under $38 a barrel. 

Tripping up the market was a combination of concerns. According to data from the American Petroleum Institute, oil inventory levels in the U.S. jumped by 4.6 million barrels over the past week. That was well ahead of analysts' expectations for a storage build of 1.2 million barrels.

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Source Fool.com