Oil slips after US inventory build, but possible Opec cuts support market
SINGAPORE: Oil slipped on Wednesday after US industry data showed a bigger-than-expected build in crude stockpiles, but possible deeper production cuts coming from Opec and its allies prevented a further slide in prices.
International benchmark Brent crude futures dropped 28 cents, or 0.47 per cent, to $59.42 a barrel by 0123 GMT on Wednesday.
West Texas Intermediate (WTI) crude futures fell 40 cents, or 0.73 per cent, to $54.08 per barrel.
US crude stocks rose by 4.5 million barrels to 437 million barrels in the week ended Oct. 18, compared with analyst expectations for a gain of 2.2 million barrels, data from industry group the American Petroleum Institute showed.
