Oil likely to slide further with no sign of glut easing

Hong Kong

OIL headed for a second annual decline as a record pace of expansion in US crude stockpiles exacerbates a global glut.

Futures have lost 31 per cent this year and are set for the first back-to-back loss since 1998. Inventories increased by more than 101 million barrels, or more than 25 per cent, over the year, the biggest expansion in weekly Energy Information Administration data going back to 1983.