London — Oil prices slipped back towards three-month lows on Wednesday after data showed US crude inventories rising faster than expected, piling pressure on Opec to extend output cuts beyond June. A deal between the oil cartel and some nonOpec producers to reduce output by 1.8-million barrels per day in the first half of 2017 has had little effect on bulging global stockpiles of oil. Brent crude, the international benchmark, fell 35 US cents to $50.61 per barrel by 9.07am GMT, heading back to its lowest level since Opec announced its plan for cuts, on November 30. The deal with nonOpec countries was reached in December. US light crude was down 35c at $47.89 a barrel, also heading back towards a three-month low. "The lower the price goes, the higher the pressure on Opec to extend cuts," Commerzbank analyst Carsten Fritsch said. Sources have said Opec was inclined to extend but wants backing from non-OPEC producers, including Russia, even though such countries have yet to deliver ful...
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