Tuesday’s massive sell-off in the global crude oil markets spread on Wednesday to the Middle East crude oil complex, where prices for December cash Dubai—the nearest month trading in October—plunged by 4.42 percent at close of business in Singapore in the biggest drop since June, traders tell S&P Global Platts. The most actively traded international oil benchmarks, Brent and WTI, plunged on Tuesday to a two-month low, with both WTI Crude and Brent Crude slumping by 4 percent—the worst one-day drop since July. The decline was prompted by a broader equity market sell-off earlier on Tuesday and the Saudi move to assure that there will be oil for each oil customer and that OPEC and allies are in a “produce as much you can mode.” Later on Tuesday, the American Petroleum Institute (API) reported a huge build of 9.88 million barrels of United States crude oil inventories for the […]