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Oil drops on rising US crude inventories, defies expected supply cut extension

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices fell on Wednesday after data showed an increase in U.S. crude inventories, stoking concerns that markets remain oversupplied despite efforts by top producers Saudi Arabia and Russia to extend output cuts.Brent crude was down 41 cents, or 0.8 percent, from the last close at $51.24 per barrel at 0534 GMT.U.S. West Texas Intermediate (WTI) crude was at $48.23, down 43 cents, or 0.9 percent.U.S. crude inventories rose by 882,000 barrels in the week ending May 12 to 523.4 million, data from the American Petroleum Institute (API) showed on ...

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First Published: Wed, May 17 2017. 13:46 IST