West TX Oil Drops to Near $53 on Inventory Build

U.S. crude futures extended declines on Wednesday after Saudi Arabia ended a military campaign in Yemen, while industry data showed that a larger-than-expected build in U.S. oil inventories.

NYMEX crude for new June delivery was down 20 cents at $56.41 a barrel by 2318 GMT. The contract for May delivery expired on Tuesday, settling down $1.12 at $55.26.

London Brent crude for June delivery was untraded yet, after settling down $1.37 at $62.08.  U.S. crude inventories rose by 5.5 million barrels last week, American Petroleum Institute data showed after Tuesday’s settlement, which compared with analysts’ projection for 2.9 million barrel build.