Oil falls towards $25 as oversupply fears mount with U.S. inventory rise - Reuters

Oil falls towards $25 as oversupply fears mount with U.S. inventory rise - Reuters:

Oil fell towards $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns.

Pledges of higher output from Saudi Arabia and Russia after a supply pact collapsed and a slide in demand due to the coronavirus outbreak have hammered the market. Global benchmark Brent crude fell 66% in the first three months of 2020 in its biggest ever quarterly loss.

As of 1217 GMT, June Brent LCOc1 was down 94 cents, or 3.6%, at $25.41. U.S. West Texas Intermediate crude for May Clc1 was down 11 cents at $20.37. Brent fell to $21.65 on Monday, the lowest since 2002, when the now-expired May contract was the front month.