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Surge in US oil stocks pushes prices down

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Crude oil inventories in the US rose by six-million barrels last week, the American Petroleum Institute says

London — Oil prices slipped for a third day on Wednesday as a surge in US stocks reinforced concerns about lacklustre global economic growth, while hopes ebbed for any movement on the US-China trade war.

“The API data ... showed US inventories posted a rather robust increase last week, which if confirmed by the EIA report, could see oil prices continue to slide,” Oanda analyst Edward Moya said. Russia and other oil producers have agreed with Opec to cut 1.2-million barrels per day of output through March to bolster prices.

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