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Oil slides on US stockpile build and demand fears

Matthew Rocco in New York and Philip Georgiadis in London

Crude prices renewed their recent slide on Wednesday, as traders weighed the outlook for supply after closely watched US data showed a surprise build in domestic stockpiles. Brent crude tumbled 3.7 per cent to $59.97 a barrel, its first close below the $60 mark since January, leaving the benchmark on track for its fourth consecutive weekly fall. West Texas Intermediate sank 4 per cent to $51.14, bringing the US marker into a fresh bear market — a drop of more than 20 per cent from its April peak.