In the previous week ending May 17, API reported an increase of 2.4 million barrels of crude oil inventories, while the U.S. Energy Information Administration (EIA) reported a build of 4.7 million barrels for the same period.
Oil prices slid on Wednesday as fears of possible diminishing demand for energy outweighed concerns over supplies.
The West Texas Intermediate for July delivery dipped 0.33 U.S. dollar to settle at 58.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery was down 0.66 dollar to close at 69.45 dollars a barrel on the London ICE Futures Exchange.
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