Oil prices fall as rising US inventories reinforce oversupply concerns

Oil prices fell on Wednesday as an industry report showing crude and fuel inventories rose last week in the U.S., the world’s biggest crude consumer, reinforced mounting concerns that supply is exceeding demand in the market.

Brent crude futures dropped 28 cents, or 0.43%, at $64.61 a barrel as of 0200 GMT, after gaining 1.1% in the previous session. U.S. West Texas Intermediate crude futures were down 24 cents, or 0.4%, at $60.5 a barrel, after rising 1.4% on Tuesday.