By Laura Sanicola | Reuters | New York |
Topics Crude Oil Price | Brent crude oil | OPEC output
Oil fell more than 2% to below $41 a barrel on Wednesday after US data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand during the lingering coronavirus crisis.
Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.
1 million barrels, according to a report from the USEnergy Information Administration. The build exceeded analysts' expectations but was smaller than the build of 8.4 million barrels reported on Tuesday by the American Petroleum Institute, an industry.
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