05012016Sun
Last update: Sun, 01 May 2016 03am

Americas

Markets - Energy - Americas

Oil slides, Brent slated for biggest annual drop since 2008 NEW YORK: Oil prices fell on Wednesday as concerns about demand for fuel kept worries about a global supply glut intact.Both Brent and U.S. crude significantly pared losses just before government data showed U.S. crude oil inventories fell 1.8 million barrels last week, a bigger drop than analyst expectations for a 100,000-barrel dip in stocks.After initially paring more losses, crude futures pushed lower.U.S. gasoline stocks rose 3.0 million barrels and distillate stocks were up 1.9 million barrels last week, data from the Energy Information Administration (EIA) showed, as refiners lifted capacity utilization 0.9 percentage point to 94.4 percent.The EIA data followed American Petroleum Institute data released on Tuesday that showed an increase in U.S. stockpiles.Brent February crude was down $1.25 at $56.65 a barrel at 11:09 a.m. EST (1609 GMT), after dropping as low as $55.81, its weakest since May 2009. U.S. crude was down $1.02 at $52.92, off its ...