Oil Prices Fall After Disappointing US Government Report On Crude Inventories
Oil prices fell on Wednesday after the US government released disappointing data on crude and fuel inventories ahead of the start of the summer driving season in the United States, a time of higher demand.
Prices had earlier risen about 1% following a report that Israel may be preparing to strike Iran's nuclear facilities that raised concerns about supply disruptions in the Middle East.
Brent crude futures were down 8 cents at $65.30 a barrel by 10:52 a.m. EDT (1452 GMT). U.S. West Texas Intermediate crude was down 3 cents at $62.00.
U.S. crude, gasoline and distillate inventories all posted surprise increases in the week to May 16, the latest data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 1.3 million barrels, while gasoline inventories rose by about 800,000 barrels and distillate stocks rose by about 600,000 barrels.(alg)
Source: Reuters