Oil falls as US inventories increase[/rtl]
[rtl]Release date:: 2019/10/23 11:16 • 14 times read[/rtl]
Oil fell on Wednesday, after rising more than 1 percent in the previous session, as US oil sector data showed crude stocks increased more than expected, but the prospects of deepening production cuts from OPEC and its allies prevented further decline.
Brent crude futures were down 23 cents, or 0.39 percent, at $ 59.47 a barrel by 06:52 GMT on Wednesday.
US West Texas Intermediate (WTI) crude futures for delivery in December, the new contract for the nearest month, fell 32 cents, or 0.59 percent, to $ 54.16 a barrel. The earliest contract for November ended on Tuesday at $ 54.16.
Data from the American Petroleum Institute showed that US crude oil inventories rose by 4.5 million barrels to 437 million barrels in the week ending October 18, compared with analysts' expectations of an increase of 2.2 million barrels.
Inventory data from the US Energy Information Administration is due later on Wednesday.
Helping to support prices, the Organization of the Petroleum Exporting Countries (OPEC) is considering whether to deepen production cuts amid fears of weak demand next year.