Oil retreats on surprise rise in US crude stocks

MELBOURNE: Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand.

U.S. West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5%, to $66.85 a barrel at 0153 GMT, after rising $1 on Tuesday.

Brent crude futures fell 32 cents, or 0.5%, to $69.03 a barrel, giving up some of Tuesday’s 1.1% gain.

The market “has come under a bit of downward pressure in early morning trading today after a bearish and rather surprising inventory report from the API,” ING Economics analysts said in a note referring to weekly figures from the American Petroleum Institute.