Oil prices slid Wednesday, even after weekly data showed inventories fell for the first time in 16 weeks.
Oil prices tumble even as stockpiles shrink for first time in 16 weeks
STEPANAKERT, MAY 14, ARTSAKHPRESS: US stockpiles decreased by 745,000 barrels in the week through May 8, Foxbusiness.com reports, citing the US Energy Information Administration.
The record decline is compared with a 4.15 million-barrel build that analysts surveyed by Refintiiv were anticipating.
Inventories had risen for 15 consecutive weeks, though prices began to rally after an agreement among energy producers to cut output prompted speculation of a longer-term rebound.
West Texas Intermediate crude oil, the U.S. benchmark, fell 1.9 percent to $25.29 a barrel. Brent crude, the international standard, dropped 2.6 percent to $29.19 a barrel.