TOKYO - Oil prices resumed their slide on Wednesday, dragged down by an unexpected gain in U.S. inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies.
U.S. West Texas Intermediate crude was down by 48 cents, or 0.9%, at $53 a barrel. The U.S. benchmark closed 0.4% higher on Tuesday. Crude inventories rose by 3.5 million barrels in the week to May 31 to 478 million, compared with analysts’ expectations for a decrease of 849,000 barrels. [API/S]“It was a very bearish number and if confirmed by the EIA it will hammer prices,” said Stephen Innes, managing partner at SPI Asset Management in Bangkok.
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In third world countries like Pakistan the oil prices growing everyday because our Treasury is empty and government need more taxes to fill the Treasury so there is 200% tax on oil .