Oil falls on bulging U.S. crude inventories, record global supplies

Commodity-TipsOil prices resumed their downward trend on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt on OPEC’s ability to cut supplies and tighten the market.

U.S. West Texas Intermediate (WTI) crude oil futures  were trading at $49.32 per barrel at 0052 GMT, down 24 cents, or 0.5 percent from their last close, after gaining 0.7 percent in the previous session. WTI has fallen for seven of the past eight sessions.

Traders said that a report late on Tuesday by the American Petroleum Institute (API) that U.S. crude oil inventories rose by 897,000 barrels in the week to April 21 to 532.5 million barrels had weighed on WTI.

Brent crude futures <LCOc1>, the international benchmark for oil prices, were at $51.88 per barrel, down 22 cents, or 0.4 percent, from their last close. Brent is around 8.5 percent below its April peak.

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