Oil extends losses as US stockpiles jump
NEW YORK: Oil prices extended losses Wednesday after a steep U.S. crude inventory build added to worries about a possible delay in resolving the U.S.-China trade war, which has hurt global oil demand.
Brent crude fell 30 cents, or 0.5%, to $61.29 a barrel by 11:16 a.m. EDT (1516 GMT). U.S. West Texas Intermediate (WTI) crude was down 67 cents, or 1.2%, at $54.87 a barrel.
U.S. crude oil stockpiles soared last week amid higher imports and a release from national reserves, while gasoline and distillate inventories extended their declines even as refiners ramped up production, the Energy Information Administration said.
