Oil slips as U.S. posts surprise rise in crude inventories
Oil prices edged lower on Wednesday as government data showed a surprise rise in U.S. crude inventories and as tensions escalated between the United States and China.
Brent crude futures settled down 3 cents at $44.29 a barrel, while U.S. West Texas Intermediate crude settled down 2 cents at $41.90 a barrel.
U.S. crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as the sharp outbreak in coronavirus cases has started to hit U.S. consumption.
Crude inventories rose by 4.9 million barrels in the week to July 17 to 536.6 million barrels, compared with expectations in a Reuters poll for a 2.1 million-barrel drop. Production rose to 11.1 million barrels per day, up by 100,000 barrels per day.
Reference: CNBC
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