Oil prices fell on Wednesday after rising crude oil, and product inventories in the United States sparked concerns on oversupply amid the coronavirus pandemic. Brent crude futures dropped 70 cents (1.7%) to $40.48/barrel by 0820 GMT, while US WTI futures fell 98 cents (2.5%) to $37.96/barrel. Both futures posted 1% and 2% gains, respectively, in the previous session.
US oil inventories increased 8.4 million barrels week-on-week during the week ended June 5, data from the American Petroleum Institute showed. The build is much larger than the market’s expectations of a 1.7 million-barrel increase. The US Energy Information Administration is due to release official data about US crude stocks later on Wednesday.
