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Oil slumps 6 pct ahead on expected U.S. crude build, slowdown fear

From reuters.com

Oil prices fell nearly 6 percent on Tuesday as equity markets remained weak and forecasts of swelling record high U.S. crude stockpiles faced expectations that global demand will not grow quickly enough to erase the overhang of crude any time soon. U.S. gasoline futures fell to a 2008 low ahead of the American Petroleum Institute's (API) weekly report expected to show crude and gasoline stocks growing to new record highs. Weak equity markets also toll their toll on oil. Wall Street's key S&P 500 index was down 0.5 percent by 12:54 p.m. EST (1754 GMT) after falling more than 1 percent over the past two sessions. ... (full story)

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