Oil edges lower after industry group reports jump in US stockpiles

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NEW YORK : Oil prices fell in early Asian trade on Wednesday after an industry group reported a surprise jump in U.S. stockpiles, fueling concerns about weaker-than-expected demand in the top oil consuming nation.Brent crude oil futures fell 19 cents, or 0.2 per cent, to $84.82 a barrel by 0023 GMT. U.S.

FILE PHOTO: A general view of a French oil Esso refinery by night in Fos-sur-Mer, France, May 13, 2024. REUTERS/Manon Cruz/File PhotoNEW YORK : Oil prices fell in early Asian trade on Wednesday after an industry group reported a surprise jump in U.S. stockpiles, fueling concerns about weaker-than-expected demand in the top oil consuming nation.

The American Petroleum Institute reported U.S. crude oil stocks rose by 914,000 barrels in the week ended June 21, according to market sources briefed on the data. Analysts polled by Reuters expect crude stocks to have declined by nearly 3 million barrels last week.Concerns around a weak start to the U.S. summer driving season were partly responsible for a slump in oil prices in the previous session. API reported a 3.84 million barrel jump in U.S.

 

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