WTI falls 8% in largest one-day drop since April

The West Texas Intermediate (WTI) oil price for July delivery fell by $3.26 (or 8.2%) to $36.34/ bbl, the biggest one-day drop since as April 27, Reuters reports. Factors such as US oil inventories reaching record highs and unstable oil demand have been cited as causes for the decline. ICE Brent crude for August delivery also fell by $3.18 in a single day to $38.55, the largest decline since April 21.