Oil prices resumed their slide on Wednesday, dragged down by a surpise gain in U...
TOKYO - Oil prices resumed their slide on Wednesday, dragged down by a surpise gain in U.S. inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies.
U.S. West Texas Intermediate crude was down by 32 cents, or 0.6%, at $53.16 a barrel. The U.S. benchmark closed 0.4% higher on Tuesday. Crude inventories rose by 3.5 million barrels in the week to May 31 to 478 million, compared with analysts’ expectations for a decrease of 849,000 barrels. [API/S]“It was a very bearish number and if confirmed by the EIA it will hammer prices,” said Stephen Innes, managing partner at SPI Asset Management in Bangkok.
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