NEW YORK, June 5 (Xinhua) -- Oil prices plummeted on Wednesday, as the market was roiled by a surprising buildup in U.S. crude stockpiles amid growing fears over weakening demands caused by persistent trade frictions.

Both U.S. crude and Brent crude slumped more than 1 U.S. dollar, settling nearly 3.4 percent and 2.2 percent lower on daily basis.

In particular, U.S. oil benchmark at 51.68 dollars per barrel plunged over 20 percent from its April peak to hit the lowest level since January, thus sliding into a bear market territory.

A bear market is defined as a 20 percent decline or more in relevant benchmark readings from a recent high.

U.S. crude oil inventories shot up by 6.8 million barrels from the previous week, the U.S. Energy Information Administration reported on Wednesday.

For the week ending May 31, the stockpiles registered 483.3 million barrels, about 6 percent above the five year average for this time of year.

The West Texas Intermediate for July delivery sank 1.8 U.S. dollars to settle at 51.68 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery tumbled 1.34 dollars to close at 60.63 dollars a barrel on the London ICE Futures Exchange. Enditem

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