Oil prices fell on Wednesday, turning a profit overnight, with COVID-19 cases on the rise in India and U.S. The larger-than-expected structure in crude stocks also offset the optimism shown by OPEC and its allies in a solid recovery in global fuel demand.
Brent crude futures fell 26 cents, or 0.4%, to $ 66.16 a barrel, up 1.2% from Tuesday.
U.S. West Texas Intermediate (WTI) crude futures rose 1.7% to 23 cents, or 0.4%, to $ 62.71 a barrel on Tuesday.
Two sources suggest that crude shares of the American Petroleum Institute industry group have risen 4.319 million barrels, a much larger structure than analysts estimated in a Reuters poll.
The U.S. The Energy Information Administration’s (EIA) weekly inventory data is due on Wednesday at 1430 GMT.
U.S. crude rose on Wednesday after plans to bring back 2.21 million barrels a day (BPD) day to the market in three phases between May and OPEC +, the market watchdog of the Organization of the Petroleum Exporting Countries and Allies, And July