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Oil falls as US inventories increase
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Oil prices fell after data indicating inventories rose at the US crude delivery point last week, compounding fears that emerging market turmoil and trade tensions will fuel demand expectations.
Brent crude futures were down 20 cents, or 0.3 percent, to settle at $ 72.61 a barrel, while US WTI crude was down 43 cents at $ 67.20 a barrel at a loss of 0.7 percent.
Prices fell more than a dollar a barrel earlier in the session after traders said it was rising stocks in Kashing, Oklahoma, where the WTI delivery point was about 1.7 million barrels in the week ending August 10, citing data from Gainscape Market Information .
Cushing's stocks have been declining, partly because of a disruption to an oil processing facility in Canada, which has reduced crude flows to the center. The Canadian processing plant Sincrode began increasing light oil production and is expected to return to full production in September.
This coincides with concerns that the escalating trade war between the United States, China and the EU could affect corporate activities in the world's largest economies.
OPEC said in a monthly report that the world will need 32.05 million barrels per day of crude from its 15 members in 2019, down 130 thousand barrels per day from the forecast last month.
The US Energy Information Administration said US oil production from seven major rock deposits was expected to rise by 93,000 bpd in September to 7.52 million bpd.
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