Oil falls on swelling U.S. stockpiles; Venezuela adds to market uncertainty

Oil prices fell on Wednesday after a rise in U.S. crude inventories, while an intensifying crisis in Venezuela and tightened U.S. sanctions on Iran added further uncertainty to markets.

“U.S. oil stocks are swelling due to an upswing in crude inventories ... the glut alarm bells are ringing louder in the U.S.,” PVM Oil Associates strategist Stephen Brennock said. Oil markets have already tightened this year due to supply cuts led by the Organization of the Petroleum Exporting Countries as well as U.S. sanctions on Venezuela and Iran.

“The Iran sanctions come on top of already fragile supplies and raise concerns about tightening markets,” said Norbert Ruecker, head of research at Swiss bank Julius Baer.OPEC meets in June to discuss production policy. While Washington has demanded the group increase output to make up for the shortfall from Iran, OPEC’s de facto leader Saudi Arabia said on Tuesday it had no immediate plan to do so.

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