Reuters: Oil falls after surprise rise in U.S. crude inventories

REUTERS

REUTERS

Oil prices fell on Wednesday after an industry group reported a rise in U.S. crude inventories against expectations for a decline, adding to worries about demand that led to a steep selloff earlier in the week.

Brent crude was trading down 21 cents, or 0.5%, at $41.51 a barrel by 0055 GMT, after gaining 28 cents on Tuesday, while U.S. crude slipped 23 cents, or 0.6, to $39.57, as reported by Reuters.

Both contracts fell more than 4% on Monday, the most in two weeks.

Read also Russia's Gazprom asks for extra capacities for gas transit via Ukraine in Oct – Naftogaz Surging cases of coronavirus infections in countries including France and Spain, along with the likelihood of more restrictions in Britain have renewed worries about fuel demand, just as more supply may come onto the market from Libya.

In the United States, where the death toll from COVID-19 has passed 200,000, the world's highest, crude oil inventories rose by 691,000 barrels in the week to Sept. 18, according to industry data, compared with analysts' forecasts for a drop of 2.3 million barrels.

Gasoline stocks fell by nearly 7.7 million barrels, nearly 8 times expectations suggesting some demand for fuel in the world's biggest oil consuming nation.

Author: UNIAN

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