Oil prices dropped on Wednesday to extend falls from the previous day, as a massive increase in U.S. fuel inventories and a slump in Chinese demand implied that global crude markets remain oversupplied despite OPEC-led efforts to cut output. International Brent crude futures LCOc1 were trading at 54.54 per barrel at 0214 GMT, down 51 cents, or 0.9 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $51.52 a barrel, down 65 cents, or 1.3 percent. These slumps came after over 1-percent falls the previous day. The sharp declines came on the back of unexpectedly big increases in U.S. fuel inventories, as reported by the American Petroleum Institute (API) on Tuesday. [API/S] “The API delivered a Goliath crude inventory number… The second highest on record. The reaction was […]