Oil prices slid 5% on Wednesday to a one-month low, after an unexpected increase in U.S. inventories of crude and gasoline fanned fears that output cuts by major world oil producers have not done much to drain a global glut. Crude stocks in the United States grew 3.3 million barrels to 513 million barrels, according to the U.S. Energy Information Administration (EIA). That confounded forecasters who had predicted a drop of 3.5 million barrels, especially a day after data from the American Petroleum Institute indicated an even bigger fall.

Gasoline inventories also unexpectedly rose, imports increased, and exports dropped, the EIA data showed. These figures spell a setback to the joint effort by OPEC and some non-OPEC countries to curb their output. However, without persistent draw-downs in U.S. oil stockpiles, the process could be painfully slow.

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