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Oil drops on rising U.S. crude inventory, defies expected supply cut extension

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices fell 1 percent 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 cut output.Brent crude futures were down 53 cents, or 1 percent, from their last close at $51.13 per barrel at 0028 GMT.U.S. West Texas Intermediate (WTI) crude futures were at $48.10, down 57 cents, or 1.1 percent, from their last settlement.U.S. crude oil inventories rose by 882,000 barrels in the week ending May 12 to 523.4 million, compared ...

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First Published: Wed, May 17 2017. 06:11 IST