Oil Prices Sag on Surprise Rise in US Crude Inventories

Oil prices fell on Wednesday after industry data showed an unexpected build in crude inventory in the United States and as investors waited for news on whether a fresh round of US tariffs on Chinese goods would take effect on Sunday.

Brent futures fell by 45 cents, or 0.7 per cent, to $63.89 per barrel by 0733 GMT. US West Texas Intermediate crude slipped by 36 cents, or 0.6 per cent, to $58.88 a barrel, down from a more than two-month high reached on Tuesday.

“At this time, everyone was expecting we would have strong…

View entirety: Economic Times