The black gold falls due to increased fears of oversupply

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Sharjah 24 – Reuters:Oil prices retreated on Wednesday, losing most of the gains made the previous day, as increased US crude stocks and a surge in coronavirus cases in Europe and the United States boosted concerns about oversupply and weak demand for fuel.

Brent crude was down $ 40.20 a barrel by 0725 GMT, after rising 2% on Tuesday.

US crude futures fell more than a dollar to $ 38.56 a barrel at 0659 GMT, after rising 2.6% on Tuesday.

The American Petroleum Institute data revealed that US crude and gasoline inventories increased last week, as crude inventories increased by 4.6 million barrels to reach about 495.2 million barrels, which far exceeds analysts’ expectations of a 1.2 million barrel increase.

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