Oil prices fall on bloated U.S. fuel inventories, stalling China demand

By Henning Gloystein SINGAPORE (Reuters) - Oil prices dropped on Wednesday to extend falls from the previous day, as a massive increase in U.S. fuel inventories and a slump in Chinese demand implied that global crude markets remain oversupplied despite OPEC-led efforts to cut output. International Brent crude futures were trading at 54.70 per barrel at 0758 GMT, down 35 cents, or 0.64 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude was at $51.68 a barrel, down 49 cen