Oil prices slid nearly 5 percent on Wednesday after the U.S. government reported an unexpected increase in crude inventories, fanning fears that output cuts by major world oil producers have not drained a global glut very much.
Crude stocks in the United States grew 3.3 million barrels to 513 million barrels, according to the U.S. Energy Information Administration (EIA). That confounded forecasters who had predicted a drop of 3.5 million barrels, especially a day after preliminary data from the American Petroleum Institute indicated an even bigger drop. Read more
Latest posts by CNBC (see all)
- US oil settles 0.1% higher at $57.83 a barrel ahead of crude stock data - June 26, 2019
- Oil refiner IOCL sees growth in Indian fuel demand above 4% in 2019 - June 25, 2019
- Oil prices rise as Middle East tensions simmer - June 24, 2019