Crude oil futures slide after weekly US inventory data

Crude oil and product inventories Stateside were all higher during the latest reference week, according to the US government.

Commercial crude oil inventories rose by 2.3m barrels over the week ending 26 August, as gasoline stockpiles increased by 0.7m and those of distillate fuels by another 1.5m, the Energy Information Administration, the US Department of Energy´s statistical arm reported.

Purchases of oil from overseas increased by 275,000 per day versus the previous week.

Refineries operated at 92.8% of capacity during the week.

"The ghost of oversupply has not been laid to rest, indeed it seems to be returning with a vengeance. A rising US dollar and falling oil prices would potentially be a dangerous combination, threatening to unwind the gains made in equity markets over the summer. OPEC needs to do something, and quickly, but given their inability to reach a compromise, any action is still unlikely," analysts at IG said.

Front month West Texas Intermediate crude oil futures were dropping 3.12% to $44.95 as of 1610 BST.