London — Oil traded further below $47 a barrel on Wednesday after an industry report said US inventories increased, reviving concern that a three-year supply glut is far from over. The American Petroleum Institute (API) said on Tuesday that US crude inventories rose by 851,000 barrels, while analysts expected a decline. Inventories of petrol and distillates also increased, the API said. "The report was disappointing," said Tamas Varga of oil broker PVM, although the downside reaction of prices to the API figures had been "muted" so far, he said. Brent crude was down 15c at $46.50 a barrel at 8.46am GMT. It reached a seven-month low of $44.35 on June 21. US crude fell 24c to $44. A rise in US stocks would suggest global supplies are still ample despite the effort led by the Organisation of the Petroleum Exporting Countries (Opec) to cut output by 1.8-million barrels a day from January 2017. The producers are trying to get rid of a supply glut which prompted prices to slide from above...
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