TOKYO: Oil prices fell in early Asian trading on Wednesday after industry data showed a rise in U.S. crude inventories and concerns mount about a possible second wave of the coronavirus pandemic in countries easing lockdowns.
Traders shrugged off a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after OPEC’s biggest producer said earlier this week it planned to add to cut again.
Brent crude was down 49 cents, or 1.6 per cent, at $29.49 by 0034 GMT, having risen 1.2 per cent on Tuesday. U.S. crude was down 41 cents, or 1.6 per cent, at $25.37 a barrel, after jumping nearly 7 per cent in the previous session.
