Oil prices slid over large crude stockpiles

Oil prices slid over news of a bigger-than-expected jump in crude stockpiles in the US, which is the world's biggest energy consuming nation. On Wednesday, Brent North Sea crude for delivery in June fell 44 cents to 49.38 dollars a barrel in late afternoon trade. New York's main futures contract, light sweet crude for June, slid 32 cents to 48.23 dollars. The US Department of Energy (DoE) said on Wednesday that American crude reserves soared 3.9 million barrels in the week ending April 17. That was larger than market expectations for a smaller gain of 2.5 million barrels. Crude stockpiles in the United States are now about 17.2 percent above their level at the same stage last year, and remain at the highest level since September 1990. Analysts say that the Organization of the Petroleum Exporting Countries (OPEC) would have to consider another production cut to offset the current reserves, even if there is some economic recovery later in the year.