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Oil prices extend decline on Wednesday, but Middle East tensions cap losses

  • At 11.10 AM GMT, WTI crude (CLM9) for June delivery was down 1.04 percent at $61.16 a barrel

Oil prices continued to slide on Wednesday after the American Petroleum Institute (API) reported on Tuesday that US crude supplies for the week ending May 10th surged by 8.6 million barrels, according to MarketWatch citing sources. However, the fall was capped on the back of rising tensions in the Middle East following Saudi Arabia’s claims that its oil pumping stations were struck by drones, leading the US to beef up its military in the Middle East.