Oil slides below $41 as US inventory rise revives glut worries
NEW YORK: Oil fell more than 2 per cent to below $41 a barrel on Wednesday after US data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand during the lingering coronavirus crisis.
Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.1 million barrels, according to a report from the US Energy Information Administration .
The build exceeded analysts’ expectations but was smaller than the build of 8.4 million barrels reported on Tuesday by the American Petroleum Institute, an industry group.
