Oil hits 18-month low as stockpiles rise, Fed disappoints

World oil prices tumbled more than 3 percent on Wednesday to their lowest in a year and a half, as data showed US crude inventories unexpectedly swelled and investors were disappointed at measures the Federal Reserve announced to aid the economy.

Brent crude for August delivery closed at $92.69 a barrel, slumping $3.07 and marking the lowest settlement for front month Brent since December 17, 2010. (Reuters)