Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced.
Brent crude futures were down 38 cents, or 0.5 per cent, at $71.80 at barrel by 0219 GMT, having risen 21 cents on Tuesday. US West Texas Intermediate (WTI) crude futures for July delivery were down 58 cents, or 0.9 per cent, at $62.55. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents.
The American Petroleum Institute (API) said on Tuesday that US crude stockpiles rose by 2.4 million barrels last week, to 480.2 million barrels, compared with analysts’ expectations for a decrease of 599,000 barrels.
