COM - WTI crude -4% as rising U.S. crude stocks spark oversupply fears

Crude oil (CL1:COM) prices fall sharply as a surge in U.S. crude inventories and growing coronavirus infections in the U.S. and Europe spark worries of an oil glut and weaker fuel demand.December WTI crude -4.7% to $37.71/bbl after gaining 2.6% yesterday, and December Brent -3.9% to $39.59/bbl after rising nearly 2% on Tuesday.Big oil names are indicated lower in the pre-market: [[XOM]] -2.2%, [[CVX]] -2.7%, [[BP]] -1.9%, [[RDS.A]] -2.6%, [[COP]] -2.8%.U.S. crude oil and gasoline stocks rose last week, according to American Petroleum Institute data, with crude inventories climbing by 4.6M barrels compared with expectations for a 1.2M-barrel build."The higher than expected build in U.S. crude stocks prompted fresh selling, while concerns over supply disruption from Hurricane Zeta have receded," says Nissan Securities' Hiroyuki Kikukawa. "Rising COVID-19 cases with the lack of a U.S. coronavirus fiscal relief package also dented investors' risk appetite.""With or without another lockdown, movement across Europe

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WTI crude -4% as rising U.S. crude stocks spark oversupply fears