2019.05.2206:19:00UTC+00Oil Prices Slide On Surprise Stockpile Rise

Oil prices drifted lower on Wednesday after industry data showed a surprise jump in U.S. crude inventories and Saudi Arabia said it was committed to a balanced and sustainable oil market.

Global benchmark Brent crude dropped 0.35 percent to $71.92 per barrel while U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 0.75 percent at $62.66. The June contract expired on Tuesday at $62.99 a barrel, down 11 cents.

The American Petroleum Institute (API) reported late Tuesday that U.S. crude stockpiles rose by 2.4 million barrels for the week ended May 17, compared with analysts' expectations for a decrease of 599,000 barrels.

The report also showed a stockpile increase of 350,000 barrels in gasoline, while distillate supplies fell by 237,000 million barrels.

Official data from the U.S Energy Information Administration is due later in the day.

Meanwhile, Saudi Arabia on Wednesday reiterated its commitment to balance global oil markets and preventing regional conflict amid tensions between Iran and the United States.

The Organization for Economic Co-Operation and Development (OECD) has revised down its global growth forecast for the year, saying there are very serious risks on the horizon.