Brent crude dropped $1.01 to $76.43 a barrel by 0855 GMT, while U.S. West Texas Intermediate crude fell 99 cents to $72.72
Oil prices fell on Wednesday, ending a three-day rally as an unexpected rise in U.S. oil inventories sparked demand concerns and investors awaited inflation data for a steer on U.S. interest rates.
In a possible sign of weakening demand, U.S. crude inventories rose by about 3.6 million barrels in the week ended May 5 while gasoline stockpiles rose by 399,000 barrels, the American Petroleum Institute was reported as saying by market sources on Tuesday. The surprising U.S. inventory build along with lower crude imports and April’s softer export growth in China exacerbated worries about global oil demand.
The market is also awaiting the monthly oil report from the Organization of the Petroleum Exporting Countries on Thursday for clues on whether the group and its allies will need to cut output again to prop up prices.
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