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Oil slips as US crude inventories jump by 9.4M barrels
Oil prices eased on Wednesday after figures from an industry group showed U.S. crude stockpiles rose last week by more than expected, reinforcing concerns that a global glut continues unabated. U.S. crude futures fell 95 cents to $40.50 a barrel by 10:25 a.m. ET (1329 GMT). Prices struck a 2016 high of $41.90 in the previous session. The contract has rebounded more than 50 percent after hitting its lowest since 2003 in February. Brent crude was down 77 cents a barrel at $41.02, still up about 50 percent from a multi-year low of $27.10 hit in January. "Net supply in the short term should still be in excess and thus ... (full story)
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