Crude prices retreat further

US oil prices stumbled backdown to $37 a barrel on Wednesday ahead of US data expected to show rising oil inventories, easing worries of a summer supply crunch in the world’s biggest energy consumer. The US government is expected to report that oil stocks expanded last week more than five million barrels, as crude imports remained high and the country’s refineries ramped up production to meet summer demand for gasoline. US light crude futures fell to a new five-week low of $36.75 per barrel. London benchmark Brent crude was down 17 cents at $34.88 a barrel.