Oil In Reverse As Rise In U.S. Crude Stocks Fans Oversupply Fears

• Oil prices went into reverse on Wednesday, giving up the previous day’s gains as a surge in U.S. crude stocks and rising coronavirus infections in the United States and Europe fanned fears of a supply glut and weaker fuel demand.
• Brent crude futures LCOc1 were down $1.60, or 3.8%, at $39.60 a barrel, having climbed nearly 2% on Tuesday. U.S. crude CLc1 was down $1.84, or 4.6%, at $37.73 after a 2.6% jump the previous day.
• S. crude oil and gasoline stocks rose last week, data from the American Petroleum Institute showed, with crude inventories rising by 4.6 million barrels to about 495.2 million barrels, well above analyst expectations of a 1.2 million barrel build in a Reuters poll of analysts.

(Source: Reuters)