SEOUL/SINGAPORE - Oil prices slipped on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed ongoing OPEC-led production cuts.
U.S. West Texas Intermediate crude oil futures were also down 0.8 percent, or 45 cents, at $56.11 per barrel. Data from the American Petroleum Institute , an industry group, also showed larger-than-expected U.S. crude stockpiles. Official data from the U.S. Department of Energy’s Energy Information Administration is due later on Wednesday.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: