Oil Drops Largest Percentage In 7 Years On Crude Build

From Yahoo News/AP:

NEW YORK (Reuters) - Oil prices slid 12 percent on Wednesday, the largest percentage drop in seven years, after a U.S. government report showed crude inventories rose much more than expected in the world's top energy consumer.

Crude oil stocks swelled by 6.7 million barrels, the U.S. Energy Information Administration said, more than seven times the 900,000-barrel increase analysts had expected.

Gasoline and distillate stocks also rose as refinery utilization climbed and demand remained sluggish.

U.S. crude for February delivery settled at $42.63 a barrel, down $5.95 or 12.25 percent, the biggest single-day loss, percentage-wise, since prices plunged 15.25 percent on September 24, 2001.

London Brent crude settled at $45.86, down $4.67.

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