Oil Slips on Rising US Stockpiles

Singapore, Oil prices fell in early Asian trade on Wednesday as industry data showed a pile up in both crude and fuel inventories in the US, a sign of weak demand.

Brent crude oil futures fell 30 cents, or 0.36%, to $82.86 a barrel. US West Texas Intermediate crude futures fell 25 cents, or 0.32%, to $78.13 a barrel.

Both benchmarks fell marginally in the previous session on signs of easing supply tightness and weaker global oil demand from an EIA forecast report on Tuesday.

US crude stocks rose by 509,000 barrels in the week ended May 3, market sources said citing American Petroleum Institute figures. Gasoline and distillate fuel inventories also rose, they said.

Source: Qatar News Agency