A flame from an oil installion in the desert near the oil-rich area of Khouris Oil prices slid on Wednesday after data showed US crude stockpiles ballooned last week and Saudi Arabia announced production reached a record high in March. The US benchmark Nymex May West Texas Intermediate dropped $2.97 a barrel to $51.01 in late afternoon trading, while the international marker ICE May Brent fell $2.55 a barrel to $56.53 a barrel. US crude stocks recorded their biggest gain in 14 years surging by 10.9m barrels, according to the US Energy Information Administration. Analysts’ surveyed by Reuters had expected an increase of 3.4m barrels. Behind the increase was a rise in imports of 869,000 barrels a day. Gasoline stocks recorded an unexpected pick-up of 817,000, even as analysts forecast a drop of 1m barrels. Crude stocks at the important Cushing, Oklahoma delivery hub, where WTI is priced, rose […]