New York: Brent crude futures tumbled below $60 a barrel after a report showed US crude and fuel inventories ballooning by the most in almost 30 years, feeding fears of a glut as trade disputes threaten demand.
The global benchmark fell as low as $59.45, the lowest since January, after the US government data showed America’s total petroleum stockpiles grew by about 22 million barrels last week, the biggest jump going back to 1990. The US crude production also set a record, while imports climbed.
“I wouldn’t be surprised to see a real meltdown in the prices today,’’ Matt Sallee, a portfolio manager at Tortoise Capital Advisors LLC, said. ‘‘Until something changes the mood, which maybe would be a breakthrough in trade, I don’t see any reason crude is going to improve over the next week.’’
