Global oil prices fell today, Wednesday, giving up gains from yesterday’s session, after data in the oil sector revealed an unexpected increase in US crude and fuel inventories, which raised concerns about fuel demand.
Crude data revealed that West Texas Intermediate crude futures fell 59 cents, or 0.8%, to $74.53 a barrel by 01:34 GMT, while Brent crude futures fell 62 cents, or 0.8%, to $79.48 a barrel.
Sources said, quoting data from the American Petroleum Institute, that US crude stocks jumped by 14.9 million barrels in the week ending January 6, 2023. At the same time, distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels.
Analysts polled by Reuters expected crude stocks to decline by 2.2 million barrels and distillate stocks to drop by 500,000 barrels.
