Oil prices slide 4% on concerns of slowing demand, equity rally caps losses


Oil prices resumed their slide on Wednesday, with West Texas Intermediate crude futures (WTI) dropping more than 4% after U.S. crude inventories unexpectedly surged. Brent futures were down $1.77, or 2.9% at $60.20 a barrel by 10:54 a.m.

EDT (1454 GMT), having briefly traded in positive territory early in the session. WTI was down $2.17, or 4%, at $51.31 a barrel.U.S. crude, gasoline and distillate stocks rose last week, the Energy Information Administration said on Wednesday. Crude inventories rose 6.8 million barrels in the week.....

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