Oil prices fell on Wednesday after a rise in US crude inventories, while an intensifying crisis in Venezuela and tightened US sanctions on Iran added further uncertainty to markets.
Brent crude oil futures were at $71.74 per barrel at 0855 GMT, down 32 cents or 0.44 per cent from their last close. US crude futures were down 49 cents or 0.77 per cent at $63.42 per barrel. Trading was thin as May 1 is a holiday in many markets.
US crude stocks rose by 6.8 million barrels to 466.4 million barrels in the week to April 26, the American Petroleum Institute (API), an industry group, said on Tuesday.
