Oil prices slipped on Wednesday as worries grew that supply is starting to outpace demand. The drop came after an industry report showed that U.S. crude and fuel inventories increased last week. Since the United States is the world’s biggest oil consumer, any rise in stockpiles can quickly affect global prices.
Brent crude fell 28 cents, or about 0.43%, to $64.61 a barrel by 02:00 GMT. This came after a 1.1% jump in the previous session.
U.S. West Texas Intermediate (WTI) also moved lower, dropping 24 cents, or 0.4%, to $60.5 a barrel, following a 1.4% rise on Tuesday.
Market sources said late Tuesday that data from the American Petroleum Institute showed an increase in U.S. crude and fuel inventories. The report, shared through Reuters, added to concerns that demand may not be keeping up with supply.
