Oil prices resumed their slide on Wednesday, dragged down after an unexpected gain in U.S. inventories but with losses capped by a recovery in global equities on hopes of a U.S. Fed rate cut.
Brent futures were down 29 cents at $61.68 a barrel by 0853 GMT. U.S. West Texas Intermediate crude was down 50 cents at $52.98 a barrel.
U.S. crude inventories rose unexpectedly last week, while gasoline and distillate stockpiles built more than expected, data from the American Petroleum Institute showed on Tuesday.
Crude stocks rose by 3.5 million barrels in the week to May 31 to 478 million barrels, compared with analysts’ expectations for a decrease of 849,000 barrels.
