Oil falls as U.S. inventory rise revives glut worries

  • Oil fell more than 2% towards $40 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand due to the coronavirus crisis.
  • The report from the American Petroleum Institute, an industry group, said crude stocks rose by 8.4 million barrels, rather than falling as analysts forecast. The U.S. government’s official stocks figures are due out later on Wednesday.
  • Brent crude was down 82 cents, or 2%, to trade at $40.36 per barrel. West Texas Intermediate dropped 99 cents, or 2.5%, to trade at $37.95 per barrel.

(Source: CNBC)