Oil extended losses to trade near a 12-year low as crude stockpiles at the delivery point for New York futures expanded to a record even as nationwide supplies slipped. West Texas Intermediate fell as much as 3.4 percent after dropping 15 percent the previous five sessions. Inventories at Cushing, Oklahoma, the biggest U.S. oil-storage hub increased by 523,000 barrels to 64.7 million last week, according to government data. The site has a working capacity of 73 million barrels. WTI’s contango between prompt-month delivery and a year later was near the widest in a year. “It’s still a risk-off environment,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. “WTI is suffering from record-high stocks at Cushing. It’s falling more than Brent to prevent stockpiles there rising even more, because a wider spread should result in increased demand for local crude in the Cushing area at the expense […]