Oil prices fall as rising US inventories reinforce oversupply concerns

BEIJING: Oil prices fell on Wednesday as an industry report showing crude and fuel inventories rose last week in the U.S., the world’s biggest crude consumer, reinforced mounting concerns that supply is exceeding demand in the market. Brent crude futures dropped 28 cents, or 0.43%, at $64.61 a barrel as of 0200 GMT, after gaining 1.1% in the previous session. U.S. West Texas Intermediate crude futures were down 24 cents, or 0.4%, at $60.5 a barrel, after rising 1.4% on Tuesday. U.S. crude and fuel stocks rose last week, market sources said late on Tuesday, citing American Petroleum Institute figures. Crude stocks rose by 4.45 million barrels in the week ended November 14, while gasoline inventories climbed by 1.55 million barrels and distillate inventories increased by 577,000 barrels, the API reported, according to the sources.