Brent, WTI Prices Slide

Oil prices fell on Wednesday after industry data showed a build in US crude stocks and OPEC reported a rise in its production despite a pledge to cut output. Brent crude oil was down 36 cents a barrel at $48.36. US West Texas Intermediate crude was 45 cents lower at $46.01, Reuters reported. Crude prices have fallen more than 10% since late May, pulled down by heavy global oversupply that has persisted despite a move led by the Organization of Petroleum Exporting Countries to curb production. OPEC and other exporters such as Russia have agreed to keep production almost 1.8 million barrels per day below the levels pumped at the end of last year and not to increase output until the end of the first quarter of 2018. Oil stocks are near record highs in some parts of the world, and producers that are not part of the OPEC deal are increasing output.