New York-Oil futures tumbled Wednesday on an unexpected build in US crude stocks and stronger dollar after Greece became the first developed country to default on an IMF loan. NYMEX August crude saw the biggest drop, settling $2.51 lower at $56.96/b. ICE August Brent settled $1.58 lower at $62.01/b. The front-month ICE Brent-WTI spread reached $5.16/b Wednesday, compared with a low of $3.69/b Tuesday. “The big catalyst today was the storage report, which was very bearish,” Bob Yawger, director of futures at Mizuho, said.
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