Friday, June 18

Oil prices fall as US stockpiles increase

BAGHDAD, Oil prices fell on a report on a rise in US crude stockpiles while a bleak economic outlook surged speculation about lower demand for fuel.

Brent crude futures were $ 72.14 a barrel, down 32 cents, or 0.4 percent, on the last close.

WTI futures fell 34 cents, or 0.5 percent, to $ 66.70 a barrel.

US crude inventories rose 3.7 million barrels in the week ending Aug. 10 to 410.8 million barrels, compared to analysts' forecasts of a 2.5 million barrel decline.

The US Petroleum Institute said oil inventories at the delivery center in Cushing, Oklahoma rose by 1.6 million barrels.

The Energy Information Administration is due to release official US fuel inventories later Wednesday.

Traders said the sentiment was also affected by bleak economic prospects, which could affect demand for oil.

Source: National Iraqi News Agency