Oil prices decline on rising U.S. crude inventories

NEW YORK-- Oil prices ended lower on Wednesday as government data showed U.S. crude stockpiles gained more than expected last week.

The U.S. Energy Information Administration (EIA) said on Wednesday that the country's crude inventories climbed by almost 5 million barrels to 533.1 million last week, far outpacing forecasts for an increase of 2.8 million.

Analysts said the oil prices were under pressure as rising U.S. output intensified market concerns about global oil glut.

The West Texas Intermediate for May Delivery erased 0.20 U.S. dollars to settle at 48.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 0.32 dollars to close at 50.64 dollars a barrel on the London ICE Futures Exchange.

Source: Philippines News Agency

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