Oil prices mixed, US inventory build-up increases oversupply concerns
Crude oil benchmarks opened the month mixed on Wednesday, following their biggest-ever quarterly and monthly losses, overshadowed by fears of global oversupply as data showed a bigger-than-expected rise in inventories in the United States.
Brent crude was down by 21 cents, or 0.8 per cent, at $26.14 a barrel by 6:02 am (IST), while US West Texas Intermediate crude was up by 27 cents, or 1.3 per cent, at $20.75 a barrel.
US crude inventories rose by 10.5 million barrels last week, far exceeding forecasts for a four million barrel build-up, data from industry group the American Petroleum Institute showed.
Wednesday’s opening session left oil prices marooned near their lowest levels since 2002 amid the global coronavirus crisis that has brought worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70 per cent after record losses in March.
