Oil Drops 3% As US Oil Refinery Strike Adds To Supply Glut – 2 February 2015

RT logoCrude oil futures plunged 3 percent after a US refinery workers strike paralyzed 10 percent of the petroleum market. It is the largest refinery strike since 1980 and could potentially affect 60 percent of the US market if more unions join the walk out.

Brent fell below $51.59 per barrel in London, and WTI, the North American benchmark, dropped to $46.88.

The strike means that more crude is sitting around in refineries, which adds to America’s already large oil stockpile.

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