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OIL COLUMN - WTI slides as inventories rise

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As expected, US stockpiles of oil rose last week, undermining the price of West Texas Intermediate (WTI).

Inventories rose by 1.66mln barrels to 393mln, according to the Energy Information Administration.

The price of WTI for July delivery is down 0.7% at US$102.85 a barrel, and could be on course for its first weekly decline in four weeks; on the other hand, it looks odds-on to finish the month higher than it started it.

In Europe, the price of Brent crude for July delivery is also on the slide, dipping 0.4% to US$109.54 a barrel, as fears over a Russian invasion of Ukraine recede.

According to a spokesman for the Pentagon, Russia has withdrawn the bulk of its forces from the Ukrainian border.

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