SINGAPORE (Reuters) – Oil prices slid on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, adding to concerns that demand for oil around the world may weaken amid further signs of a global economic slowdown.
Global benchmark Brent crude oil futures had fallen by 40 cents, or 0.7%, to $59.02 a barrel by 0110 GMT.
U.S. crude oil futures were down by 46 cents, or 0.9%, to $52.90.
U.S. crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to Oct. 11, according to the American Petroleum Institute’s weekly report, published ahead of official government stocks data due on Thursday.
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