Oil prices fall on surprise U.S. stocks rise, Russia supply comments

TOKYO (Reuters) – 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. Brent futures were down 42 cents, or 0.7%, at $61.55 a barrel by 0552 GMT. They rose 1.1% on Tuesday after a near 13 percent fall in the previous four sessions. U.S. West Texas Intermediate (WTI) crude was down by 48 cents, or 0.9%, at $53 a barrel. The U.S. benchmark closed 0.4% higher on Tuesday. Oil prices have fallen sharply on fears about slowing global demand, but won a respite on Tuesday after a global stock market rally on hopes of a cut in U.S. interest rates. U.S. crude stocks rose unexpectedly last week, while gasoline and distillate inventories built more than expected, industry group the American Petroleum Institute said 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] Official numbers from the U.S. Energy Information Administration (EIA) are due out later on Wednesday. “It was a very… continue reading

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