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Chevron (CVX) Stock Slumps as Oil Drops on Crude Build

NEW YORK (TheStreet) -- Shares of Chevron (CVX) were dropping late Wednesday afternoon as oil prices slid.

Crude oil (WTI) fell 2.83% to $41.56 per barrel while Brent crude declined 2.36% to $43.92 per barrel. Oil was trading at its lowest level since last week.

Oil was declining Wednesday afternoon as concern over a global glut grew following a report from OPEC member Saudi Arabia that the country's crude production rose to an all-time high in July at 10.67 million barrels per day.

Also, the Energy Information Administration released new data for the...