By Sonali Paul
MELBOURNE (Reuters) – Oil costs fell on Wednesday after an business report confirmed an sudden build-up in U.S. oil inventories final week, which heightened worries a few resurgence in COVID-19 infections probably dampening gasoline demand.
U.S. West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5%, to $66.85 a barrel at 0153 GMT, after rising $1 on Tuesday.
Brent crude futures fell 32 cents, or 0.5%, to $69.03 a barrel, giving up a few of Tuesday’s 1.1% acquire.
The market “has come underneath a little bit of downward strain in early morning buying and selling right now after a bearish and quite stunning stock report from the API,” ING Economics analysts mentioned in a observe referring to weekly figures from the American Petroleum Institute.
U.S. crude shares rose