Oil prices slide anew as US, IEA bearish supply guidance weighs

Oilprices fell to over two-month lows on Wednesday after bearish supply guidance from the US government and the International Energy Agency (IEA), while investors eyed US President Donald J. Trump’s threat of “severe consequences” if Russia’s Vladimir Putin blocked peace in Ukraine.

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Brent crude futures settled down 49 cents, or 0.7%, to $65.63 a barrel. During the session it dropped to $65.01 a barrel, the lowest since June 6.

US West Texas Intermediate (WTD crude futures fell 52 cents, or 0.8%, to $62.65 a barrel. The contract fell to $61.94. a barrel, the lowest since June 2.

US crude stocks rose by 3 million barrels to 426.7 million barrels, the Energy Information Administration (EIA) said on Wednesday. Analysts ina Reuters poll had expected a 275,000-barrel draw.

Net US crude imports rose last week by 699,000 barrels per day (bpd), EIA said.