Oil prices fell on Wednesday after data showed a rise in crude and fuel stockpiles in the United States, reviving concerns about oversupply and falling fuel demand in the world's largest crude consumer amid the coronavirus outbreak.
TOKYO - Oil prices fell on Wednesday after data showed a rise in crude and fuel stockpiles in the United States, reviving concerns about oversupply and falling fuel demand in the world’s largest crude consumer amid the coronavirus outbreak.
West Texas Intermediate futures declined 72 cents, or 1.9%, to $38.22 a barrel, having risen about 2% in the previous session. U.S. crude inventories climbed 8.4 million barrels in the week to June 5, API data showed, while a Reuters poll of analysts had indicated a draw of 1.7 million barrels. In Japan, the world’s second-biggest economy, machinery orders slumped in April at the fastest pace in two years, according to data released on Wednesday.
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