Oil slips from five-month high

Oil slipped from a five-month high on Wednesday after an industry report showed US crude stockpiles jumped more than forecast last week, a sign oversupply may persist despite central bank efforts to shore up economies.

Front-month US crude on Monday touched $82.99 a barrel, the highest price since early May, after the Bank of Japan cut interest rates, bolstering hopes that the US Federal Reserve will early next month announce a second round of so-called quantitative easing measures to boost growth.

The November contract on Tuesday fell as much as 31 cents to $82.51 and was down 25 cents at $82.57 by 0230 GMT. ICE Brent for November shed 16 cents to $84.68.

"It's just profit taking after a sharp rise last night," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd.

"The crude inventory data coming out of the API was quite weak. We are still wondering if the economic situation will turn to a more positive side, we can't see any facts yet."

US crude inventories gained 4.4 million barrels in the week to Oct. 1, the American Petroleum Institute (API) reported late on Tuesday, compared with average analyst expectations for a 300,000-barrel increase in a Reuters survey.