RTRS: U.S. crude futures drop $5 on big supply builds
NEW YORK (Reuters) - U.S. crude futures fell more than $5 on Thursday after weekly government inventory data showed crude oil and gasoline supplies rose much higher than expected last week and demand continued to slow.
Crude futures were already pressured by ongoing signs of a slowing global economy, with equities markets battered again on Thursday.
On the New York Mercantile Exchange at 11:20 a.m. EDT, November crude was down $4.49, or 6.02 percent, at $70.05 a barrel, trading from $69.15 -- lowest since $69.03 was struck on August 24, 2007 -- to $74.50.
