Oil prices fall as rising US inventories reassert supply concerns
MELBOURNE: OilNSE 0.75 % prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after US crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread.
US West Texas Intermediate (WTI) crude futures fell as much as 2.1 per cent to $24.05 a barrel and were down 14 cents at $24.41 a barrel at 0201 GMT. WTI has snapped a five-day winning streak.
Brent crude futures were flat at $30.97 a barrel.
Brent prices climbed 13.9 per cent in the previous session, part of a six-day rise. Investors may be hesitant to increase their purchases of Brent as the contract has climbed too much over the past streak.
