Oil falls on rise in US crude stocks, virus resurgence fears

Oil prices retreated on Wednesday, weighed down by an increase in U.S. crude inventories and worries about a potential second wave of the coronavirus pandemic.

Brent crude futures were down 40 cents, or 1.0per cent, at US$40.56 a barrel as of 0047 GMT, while U.S. West Texas Intermediate crude futures fell 59 cents, or 1.5per cent, to US$37.79 a barrel.Both benchmarks rose over 3per cent in the previous session after the International Energy Agency raised its 2020 oil demand forecast to 91.7 million barrels per day and U.S. retail sales posted a record jump in May.

U.S. crude oil inventories rose by 3.9 million barrels in the week to June 12 to 543.2 million barrels, ahead of analysts' expectations for a fall of 152,000 barrels, according to data from industry group the American Petroleum Institute. Worries over a possible second virus wave also weighed on prices, with the number of cases surpassing 8 million globally.

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