Oil falls 1% despite large U.S. stockpile decline - Reuters

Oil falls 1% despite large U.S. stockpile decline - Reuters:

Oil prices fell 1% on Wednesday, failing to draw lasting support from a large decrease in U.S. crude stockpiles as investors worried about global oil demand.

Brent crude LCOc1 futures dropped 65 cents, or 1%, to settle at $63.18 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 89 cents, or 1.6%, to settle at $55.88 a barrel.

Earlier in the session, the front-month Brent contract LCOc1 flipped to trade at a discount to the second-month contract LCOc2, a market structure known as contango, for the first time since March. Sentiment in the oil market has darkened as investors worry that slowing global economic growth will weaken demand for oil.