Oil skids as oversupply fears pile up with U.S. inventories growth - Reuters

Oil skids as oversupply fears pile up with U.S. inventories growth - Reuters:

Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears.

Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70% after record losses in March.

As of 0643 GMT, Brent crude LCOc1 was down by $1.02, or 3.9%, at $25.33 a barrel. U.S. West Texas Intermediate crude Clc1 was down 35 cents, or 1.7%, at $20.13 a barrel, after giving up an earlier gain which analysts said was driven by position building at the start of a the new quarter.

U.S. crude inventories rose by 10.5 million barrels last week, far exceeding forecasts for a 4 million barrel build-up, data from industry group the American Petroleum Institute showed.