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Oil is falling as US inventories increase and economic outlook is bleak
Oil prices fell on Wednesday on a report of a rise in US inventories of crude, while a bleak economic outlook raised speculation about lower demand for fuel.
Brent crude futures were $ 72.14 a barrel at 1221 GMT, down 32 cents, or 0.4 percent, from the last close.
WTI futures fell 34 cents, or 0.5 percent, to $ 66.70 a barrel.
US crude inventories rose 3.7 million barrels in the week ending Aug. 10 to 410.8 million barrels, compared with analysts' forecasts of a 2.5 million barrel decline.
The US Petroleum Institute said oil inventories at the delivery center in Cushing, Oklahoma rose by 1.6 million barrels.
The Energy Information Administration is due to release official data on US stocks of fuel later on Wednesday.
Traders said the sentiment was also affected by bleak economic prospects, which could affect demand for oil.
This is due to the fact that the OECD Composite Index, which covers developed Western economies as well as China, India, Russia, Brazil, Indonesia and South Korea, peaked in January but has since declined.
The gloomy outlook also reinforces the announcement by the Dutch Bureau of Economic Policy Analysis that global trade growth peaked in January to about 5.7 percent year-on-year, but fell by almost half to below 3 percent in May.
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