Oil prices fell in early Asian trading on Wednesday following a brief rebound on Tuesday. This decline came after industry data revealed an unexpected build in U.S. crude oil and gasoline inventories, overshadowing global oil supply concerns.
Brent crude futures decreased by 21 cents, or 0.27%, to $76.27 a barrel, while U.S. West Texas Intermediate crude slipped by 25 cents, or 0.34%, to $72.95 per barrel. According to market sources citing American Petroleum Institute figures, U.S. crude oil, gasoline, and distillate inventories rose last week, countering analysts' expectations.
The API figures showed crude stocks increased by 176,000 barrels in the week ended August 2, against an anticipated 700,000 barrel drop. Gasoline inventories rose by 3.313 million barrels, significantly above the expected 1 million barrel draw.
Market reactions were also influenced by ongoing geopolitical tensions in the Middle East, with concerns over potential supply disruptions adding volatility to the oil market.
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