Oil prices slide 4% on concerns of slowing demand, equity rally caps losses
Oil prices slide 4% on concerns of slowing demand, equity rally caps losses Crude inventories rose 6.8 million barrels in the week to May 31, compared with analyst expectations for a decrease of 849,000 barrels Economy :-Oil costs continued their slide on Wednesday, with West Texas Intermediate unrefined fates (WTI) dropping over 4% after U.S. rough inventories startlingly flooded. Brent fates were down $1.77, or 2.9% at $60.20 a barrel by 10:54 a.m. EDT (1454 GMT), having quickly exchanged a positive area from the get-go in the session. WTI was down $2.17, or 4%, at $51.31 a barrel.U.S. unrefined, gas and distillate stocks rose a week ago, the Energy Information Administration said on Wednesday. Rough inventories rose 6.8 million barrels in the week to May 31, contrasted and investigator desires for a lessening of 849,000 barrels. “The no matter how you look at it stock forms makes for a bearish report,” said John Kilduff, an accomplice at Again Capital. A flood in im...