Oil prices fell on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though futures were still up about 2% this week as traders factored in continuing conflict in the Middle East.
Brent crude futures dropped $1.30, or 1.71%, to $74.74 U.S. a barrel. U.S. West Texas Intermediate crude futures also shed $1.32, or 1.84%, to $70.42 a barrel.
Oil had settled higher in the previous two sessions, paring last week’s losses of more than 7%. Those declines stemmed from worries about Chinese demand and some easing concerns around Middle East oil supply being disrupted.
Wednesday’s price drop came after data showed U.S. crude stocks rose by 1.64 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts polled by Reuters had expected an increase of 300,000 barrels.
