Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by a bigger-than-expected U.S. crude inventories build.
Crude inventories climbed by 6 million barrels in the week to Oct. 5, the U.S. Energy Information Administration reported, compared with analyst expectations for an increase of 2.6 million barrels.
Brent crude fell $2.83, or 3.4 percent, to $80.26 a barrel by 2:30 p.m. ET, its lowest level since Sept. 24. Brent lost 2.2 percent on Wednesday. On Oct. 3, it hit a four-year high of $86.74.
U.S. light crude ended Thursday's session down $2.20, or 3 percent, to $70.97. The contract lost 2.4 percent in the previous session.