Oil prices slipped to near-four-month lows on Wednesday after data showed U.S. crude inventories rising faster than expected, piling pressure on the Organization of the Petroleum Exporting Countries to extend output cuts beyond June.
A deal between OPEC and some non-OPEC producers to reduce output by 1.8 million barrels per day (bpd) in the first half of 2017 has had little impact on bulging global stockpiles of oil.
OPEC, reported to be increasingly leaning towards extending cuts, has broadly delivered on pledged reductions so far, but non-OPEC states have yet to cut fully in line with commitments.
The Energy Information Administration in the U.S. released data Wednesday showing crude inventories rose by five million barrels in the last week, compared with analysts' expectations for a hike of 2.8 million barrels.
Thus, Brent crude was down 83 cents at $50.13 U.S. per barrel mid-morning Wednesday. U.S. light crude was down 89 cents at $47.35 U.S. a barrel, slipping towards its lowest in almost four months
