Oil futures plunged Wednesday, erasing much of a two-day gain that had previously put the U.S. benchmark in positive territory for 2015, after data showed U.S. oil inventories posted the largest one-week jump since 2001.On the New York Mercantile Exchange, light, sweet crude futures for delivery in May CLK5, +1.31% fell $3.56, or 6.6%, to close at $50.42 a barrel. The U.S. benchmark had gained around 10% over the previous two days to end Tuesday at its highest level of the year.
Brent crude for May delivery LCOK5, +1.35% on London’s ICE Futures exchange dropped $3.55, or 6%, to close at $55.55 a barrel.
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