Oil holds near $72 on rising US inventories, Iran sanction waivers

Oil held around $72 a barrel on Wednesday, close to its lowest since August, as rising U.S. inventories and sanction waivers allowing Iran to keep exporting crude reinforced an outlook for ample supplies. The American Petroleum Institute, an industry group, said on Tuesday U.S. crude stocks rose by 7.

8 million barrels last week, more than analysts had forecast. The government's official supply report is due at 1530 GMT. Brent crude, the global benchmark, slipped 7 cents to $72.06 a barrel by 0926 GMT. The contract hit $71.18.

This article is no longer available in our repository.

There could be multiple reasons for this.