Oil prices decline for third day as US crude production, inventories swell
Oil prices fell for a third day on Wednesday on rising crude inventories and production in the US, the world’s biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East.
Brent crude futures for July fell 47 cents, or 0.5 per cent, at $85.86 a barrel by 0005 GMT. US West Texas Intermediate crude for June declined 53 cents, or 0.6 per cent, to $81.40 per barrel.
US crude oil inventories swelled last week by 4.906 million barrels, while gasoline and distillate stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.
