Oil prices down on swelling U.S. stockpiles, demand concerns - Reuters

Oil prices down on swelling U.S. stockpiles, demand concerns - Reuters:

Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and on demand concerns linked to a protracted trade war between China and the United States.

However, analysts said oil markets remained tight amid supply cuts by producer group OPEC and allies such as Russia, and as political tension escalates in the Middle East.

Brent crude futures were down 41 cents at $71.77 a barrel by 1339 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 67 cents at $62.46.