Oil slides 4 pct; U.S. stockpile data feed glut caution – Reuters

By Barani Krishnan

NEW YORK, July 13 (Reuters) – Oil prices fell more than 4 percent on Wednesday after the U.S. government stunned the market with a raft of bearish inventory data that added to concerns over a global glut of oil.

U.S. crude oil stockpiles fell less than expected last week, the Energy Information Administration said. Distillate inventories rose the most since January and gasoline posted a build that came as a surprise during summer driving season.

The U.S. inventory report pressured prices in a market already bearish after the Paris-based International Energy Agency warned about a global oil supply glut.

“A surprising build in gasoline in the peak of U.S. driving season and a very large build in heating oil will set the tone for lower prices as we go forward,” said Tariq Zahir, a trader in crude oil spreads at Tyche Capital Advisors in New York.

Read more at http://af.reuters.com/article/nigeriaNews/idAFL4N19Z2GL