Global crude oil prices slipped to almost 4-month lows

Global crude oil prices slipped to almost four-month lows, today, after data showed US crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June. 

Analysts said OPEC has used up most of its arsenal of verbal weapons to support the market. Brent crude oil futures fell 66 cents, to 50.30 dollars per barrel, after dropping to 50.05



dollars a barrel, its lowest since OPEC announced its plan for cuts on November 30. 

US light crude lost 63 cents, to 47.61 dollars a barrel, also slipping towards an almsot four month low. U.S. shale oil producers have been adding rigs, pushing up the country's oil production to about 9.1 million barrels per day, from around 8.5 million barrels per day in late 2016.