Oil prices fell on Wednesday following a trip by mediators to the Middle East, growing US crude supplies and hopes that tensions were easing.
Brent crude futures were down 9 cents, or 0.1%, at $77.11 a barrel. U.S. West Texas Intermediate crude was down 12 cents, or 0.2%, a barrel.
U.S. crude stocks were forecast to rise by 347,000 barrels last week, according to market sources citing American Petroleum Institute data on Tuesday. However, distillate and gasoline stocks fell by 2.247 million and 1.043 million barrels, respectively, sources said.
The United States is the world’s largest oil producer and consumer, and rising inventories suggest an oversupply that could drive down prices.
