Oil prices fell on Wednesday, after data showed an unexpected increase in inventories in the United States and as investors awaited news on whether the United States will impose duties on Chinese goods on Sunday.

Brent crude futures fell 45 cents, or 0.7 percent, to $ 63.89 a barrel by 0733 GMT. The US West Texas Intermediate crude fell 36 cents, or 0.6 percent, to $ 58.88 a barrel, down from the highest level in more than two months, which was recorded on Tuesday.

Data from the American Petroleum Institute showed that American crude inventories rose dramatically in the last week, as gasoline and distillate stocks rose.

Crude inventories increased by 1.4 million barrels in the week ending December 6 to 447 million, while analysts had expected a decrease of 2.8 million barrels.

The weekly EIA report is due out later on Wednesday.

Trade tensions between the United States and China continue to cast a shadow on demand forecasts as the next round of US tariffs on Chinese imports approaches on December 15.

In Venezuela, crude production in November jumped more than 20 percent from the previous month, to the highest level since Washington tightened sanctions on the Venezuelan national oil company PDVSA in August, two sources familiar with the company said this. the week.

News source: https://rasediraqi.com/