Oil down on Wednesday

Oil declined in Wednesday early trade after a two-day rise as traders evaluated signs of increased US crude stockpiles, Middle East tensions, and the Federal Reserve’s expected rate decisions.

Brent crude approached $73 a barrel, with West Texas Intermediate (WTI) near $71. Data from the American Petroleum Institute (API) showed a 2-million-barrel rise in US crude inventories, alongside increases in gasoline and distillates.

Oil remains down for the year due to weak Chinese demand and OPEC+ plans to restore supply.

Attribution: Bloomberg