Oil down as rising U.S. inventories reawaken supply anxiety - Reuters

Oil down as rising U.S. inventories reawaken supply anxiety - Reuters:

Oil prices fell on Wednesday after a rise in crude and fuel stockpiles in the United States revived fears about oversupply and falling fuel demand in the world’s largest crude consumer amid the coronavirus outbreak.

Brent crude futures LCOc1 fell 67 cents, or 1.6%, to $40.51 a barrel by 0636 GMT after gaining nearly 1% on Tuesday.

West Texas Intermediate (WTI) futures dropped 80 cents, or 2.1%, to $38.14 a barrel, having risen about 2% in the previous session.

The oil benchmarks rose to their highest in three months on Monday but some analysts think the market has risen too far, too fast as the coronavirus pandemic sweeps across the world with new infections posting daily highs.