Oil Slumps to Lowest This Year as Traders Focus on Record Supply

Investors are finally taking record U.S. oil stockpiles seriously. Oil slumped the most in more than a year after government data showed production cuts from OPEC and other exporters have not been enough to reduce U.S. supplies. Saudi Arabia’s Oil Minister Khalid Al-Falih said in Houston Tuesday that global supplies have been slower to decline than OPEC and its partners expected, leaving the door open for an extension of cuts that started in January.