Oil prices slide on bulging US crude inventories

Small impact: The sun sets behind the chimneys of an oil refinery and petrol depot southeast of Paris. A deal between Opec and some non-Opec producers to reduce output by 1.8 million barrels per day in the first half of 2017 has had little impact on bulging global stockpiles of oil. — Reuters

LONDON: Oil prices slipped back to three-month lows after data showed US crude inventories rising faster than expected, piling pressure on Organisation of the Petroleum Exporting Countries (Opec) 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.