Oil falls below $74 on U.S. inventories, OPEC supply | Reuters:
Oil slipped below $74 a barrel on Wednesday, pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and by higher OPEC production, adding to indications of more ample supply.
On Tuesday, the American Petroleum Institute said crude inventories rose by 5.6 million barrels last week. Analysts had expected a decrease of 2.8 million. The U.S. government’s supply report is due on Wednesday. [EIA/S]
Brent crude LCOc1, the global benchmark, dropped 85 cents to $73.36 a barrel by 0938 GMT, having fallen as low as $73.15. U.S. crude CLc1 was down 73 cents at $68.03.
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