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Oil prices drop as US inventories increase

The Address – Benghazi – Libya

SINGAPORE – (Reuters): Oil prices fell on Wednesday due to a report of an increase in US crude stocks, while a bleak economic outlook raised speculation about lower demand for fuel.

Brent crude futures were $ 72.14 a barrel, down 32 cents, or 0.4 percent, on the last close.

WTI crude futures also fell 34 cents, or 0.5 percent, to $ 66.70 a barrel.

US crude inventories rose 3.7 million barrels, in the week ending August 10, to 410.8 million barrels, compared to analysts’ forecasts of a 2.5 million barrel decline.

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