Oil prices fell on Wednesday after news of a rise in US crude inventories last week, defying analysts’ expectations for a big fall, while concerns about weak demand also resurfaced. Brent crude oil was down 60 cents at $71.56 a barrel. The benchmark hit a three-month low on Tuesday, CNBC reported.
US light crude was down 50 cents at $67.58, not far off Tuesday’s one-month low of $67.03 per barrel.
Oil markets have fallen over the last week as Saudi Arabia and other members of the Organization of Petroleum Exporting Countries and Russia have increased production and as some supply disruptions have eased.
Investors have also begun to worry about the impact on global economic growth and energy demand of the escalating trade dispute between the United States and its trading partners, including China.
The US oil market has been tight in recent months but data on Tuesday from the American Petroleum Institute showed an unexpected a rise of more than 600,000 barrels in national crude inventories. Analysts had forecast a decline of 3.6 million barrels in US crude stocks for the week ending July 13.
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