5/31, 9:36 AM (Source: TeleTrader)
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Oil continues to slide amid small inventory decline

Oil prices continued to slide on Friday as United States crude inventories remain robust. The US Energy Information Administration (EIA) revealed a smaller-than-expected fall in the country's oil inventories which declined by 300,000 barrels last week. The report showed US crude production climbed back to a record 12.3 million barrels as well.

Other downward pressures on oil prices came from escalated trade tensions as US President Donald Trump announced fresh tariffs on Mexican imports starting from June 10.

West Texas Intermediate futures slumped 1.36% to $55.97 a barrel at 9:13 am CET, while Brent futures for July settlement dropped 1.56% to $64.35per barrel at 9:14 am CET, its lowest since March 8.

Breaking the News / JC