Oil prices fell on Wednesday amid growing concerns that supply may outstrip demand as an industry report revealed an increase in crude and fuel inventories last week in the United States, the world’s largest consumer of crude oil.
Brent crude futures dropped by 28 cents, or 0.43%, to $64.61 a barrel after rising by 1.1% in the previous session.
West Texas Intermediate (WTI) crude futures declined by 24 cents, or 0.4%, to $60.50 a barrel, following a 1.4% increase on Tuesday.
Data from the American Petroleum Institute indicated that U.S. crude and fuel inventories rose last week. Crude oil inventories increased by 4.45 million barrels in the week ending November 14, while gasoline stocks rose by 1.55 million barrels and distillate inventories increased by 577,000 barrels.
