Crude oil’s four-day, 20% rally hit the skids Wednesday, ending a brief rally in hard-hit oil patch stocks.
West Texas Intermediate crude, which jumped 7% to close above $50 a barrel for the first time in weeks, fell 8.7% to $48.45 a barrel.
The slide – the biggest one-day drop since late November – came after the U.S. Energy Information Administration said crude supplies rose to more than 413 million barrels last week. That’s the highest level for January in more than 80 years.
The Emergency Election Sale is now live! Get 30% to 60% off our most popular products today!