Economic news

Oil prices extend their declines

Oil prices declined on Wednesday as U.S. crude oil inventories rose.

Brent crude futures slid 11 cents to $51.67 per barrel, having dipped to a session trough of $51.18. U.S. light, sweet crude futures also dropped 11 cents, to $49.05 per barrel.

U.S. crude stockpiles increased by 1.78 million barrels last week, according to release from the American Petroleum Institute.

OPEC's output reached a 2017 peak of 33 million bpd in July, despite the production cuts which have begun in January.

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