Oil prices slide on pressure from rise in US crude and petrol inventories
London — Oil prices slipped on Wednesday, under pressure from a rise in US crude and petrol inventories although crude remained near three-year highs. Brent futures eased 24c to $69.72 a barrel at 9.30am GMT, after climbing above $70 this month for first time since 2014. US West Texas Intermediate (WTI) futures were unchanged at $64.47 a barrel. The American Petroleum Institute (API) said on Tuesday that crude inventories rose by 4.8-million barrels in the latest week, compared with expectations for a decline of 1.6-million barrels. Petrol inventories also rose. Official US government inventory data is due out later on Wednesday and will be watched to see if the numbers confirm a rise. "The market has rallied by 50% and a lot of investors have been involved for a long time," Saxo Bank senior manager Ole Hansen said. "At what level would we start to attract some nervousness on the downside? We probably need to break below $60 on WTI to put the cat among the pigeons ... It’s going to ...
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