Oil Takes Late Plunge

Updated from 12:08 p.m. EST

Oil prices took a late-session plunge Wednesday as traders deemed the local inventory situation more compelling than a handful of overseas tensions.

March crude finished down $1.32 to $66.60 a barrel after spending most of the day in positive territory. The decline followed a government report showing strong builds in U.S. crude and gasoline inventories.

According to the Energy Department, crude inventories rose 1.9 million barrels last week, about twice the rate forecast in a Reuters poll. Wednesday's gain, which brought inventories to 11% above their level at this time a year ago, reflected rising imports and a slowdown in domestic refining activity. ...