Oil slips after data shows increase in US stocks

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Brent is weaker as industry data shows inventory growth more than expected in the US, where coronavirus cases are still increasing

Singapore — Oil prices fell on Wednesday as industry data showed a bigger-than-expected inventory build in the US where coronavirus cases continue to climb, potentially further denting demand in the world's biggest oil consumer.

Brent crude fell 32c, or 0.7%, to $44 a barrel by 1.56am GMT, and US West Texas Intermediate crude dropped 33c, or 0.8%, to $41.59.“Crude’s rally hit a brick wall after the API report showed a sharp rise in stockpiles and on President Trump’s warning that the coronavirus pandemic in the US is likely to worsen,” said Edward Moya, senior market analyst at Oanda in New York.

Economic data from Japan, the world’s fourth-largest oil consumer, also weighed on prices. Factory activity contracted for a 15th consecutive month in July, indicating lower economic activity because of the pandemic is extending into the third quarter.

 

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