31-08-2016 21:12 via uk.news.yahoo.com

Oil tumbles on U.S. inventory builds; best month since April

By Barani Krishnan NEW YORK (Reuters) - Oil prices fell 3 percent or more on Wednesday, paring their big gains for August, after government data showed a large surprise weekly build in U.S. crude and distillate stockpiles and a smaller-than-expected drawdown in gasoline. Crude futures rose as much 11 percent in August, posting their best monthly return since April, helped by speculation that the Organization of the Petroleum Exporting Countries and other oil producers might agree to curb output
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