London — Oil prices edged lower on Wednesday ahead of data that will shed light on US crude inventories after an industry report indicated a surprise build in fuel stocks, underscoring the persistence of global oversupply. Brent crude, the international benchmark for oil prices, was down 50c to $51.60 per barrel at 1.50pm GMT. Brent is now around 8.5% below its April peak. US West Texas Intermediate (WTI) was down 40c at $49.16 per barrel, heading for its eighth fall in nine sessions. US inventory data issued late on Tuesday by the American Petroleum Institute (API) weighed on prices and showed the difficulty Organization of the Petroleum Exporting Countries (Opec) and non-Opec producers are having in eliminating a supply glut despite output cuts they have made since January. The report showed crude stockpiles rose 897,000 barrels in the week to April 21, defying expectations of a fall of 1.7-million barrels, and also showed a large build in gasoline stocks, unusual for this time of...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.