Oil prices slide on swelling US supply, global market slump


Oil prices slide on swelling US supply, global market slump

Oil prices fell 1 percent on Wednesday, weighed down by swelling U.S. inventories and a plunge in global stock markets amid concerns over an economic slowdown. U.S. West Texas Intermediate (WTI) crude futures were at $52.61 per barrel at 0128 GMT, down 64 cents, or 1.2 percent, from their last close. International Brent crude oil futures were down 56 cents, or 0.9 percent, at $61.52 per barrel.

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said U.S. crude inventories rose by 5.4 million barrels in the week to Nov. 30, to 448 million barrels, in a sign that U.S. oil markets are in a growing glut.

Official U.S. government oil production and inventory data is due later on Wednesday. Read More

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