Oil prices renewed their slide Wednesday ahead of data expected to show an increase in U.S. crude stockpiles. The American Petroleum Institute, an industry group, estimated that U.S. crude stocks grew by 2.9 million barrels last week, defying market expectations for a decline. The Energy Information Administration will release its official data later today and analysts polled by The Wall Street Journal expect a decline of 1 million barrels. Rising oil inventories are another sign that the oversupply, which has battered the market for more than a year, is continuing unabated. Oil prices are on course to fall by more than a third this year as big suppliers such as Saudi Arabia and Russia have continued pumping crude in a bid to defend their market share. Meanwhile, U.S. crude output has been resilient despite the low prices and much of the excess has gone into storage. Brent crude, the […]