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Oil falls on higher U.S. oil stocks, inflation data in focus

10 May 2023 10:37 (UTC +04:00)

Oil prices dipped on Wednesday, stalling a three-day rally, as an unexpected rise in U.S. oil inventories sparked demand concerns, while investors awaited U.S. inflation data to gauge the next rate decision in the top oil consuming nation, APA-Economics reports citing Reuters.

Brent crude dropped 52 cents, or 0.7%, to $76.92 a barrel at 0455 GMT, while U.S. West Texas Intermediate (WTI) crude fell 49 cents, also 0.7%, to $73.22.

In a possible sign of weakening demand, U.S. crude inventories rose by about 3.6 million barrels in the week ended May 5, while gasoline stockpiles rose by 399,000 barrels, the American Petroleum Institute reported on Tuesday according to market sources.