Oil Prices Fall On Rising US Crude Inventories, Darkening Economic Outlook


Oil Prices Fall On Rising US Crude Inventories, Darkening Economic Outlook

Oil prices fell on Wednesday, pulled down by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand.

Front-month Brent crude oil futures were at $72.14 per barrel at 0021 GMT, down by 32 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.5 percent, at $66.70 per barrel.

U.S. crude stocks rose by 3.7 million barrels in the week to Aug. 10, to 410.8 million barrels, private industry group the American Petroleum Institute (API) said on Tuesday. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, the API said. Read more

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