Oil prices dipped on Wednesday after a report showed a rise in available US crude inventories, but the market remained tense amid an intensifying political crisis in Venezuela, tightening US sanctions on Iran and continuing OPEC supply cuts.
Spot Brent crude futures, the international benchmark for oil prices, were at $71.65 per barrel at 0143 GMT, down 41 cents, or 0.6 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were down 51 cents, or 0.8 per cent, at $63.49 per barrel.
US crude stocks rose by 6.8 million barrels to 466.4 million barrels in the week to April 26, industry group the American Petroleum Institute (API) said on Tuesday, implying a rise in US crude supply. “Crude prices are off … after the weekly API oil inventory report showed a build of 6.8 million barrels, up from the draw of 3.1 million barrels we saw last week,” said Edward Moya, senior market analyst at futures brokerage Oanada.
