Oil prices fell on Wednesday after a rise in U.S. crude inventories, while an in...
LONDON - Oil prices fell on Wednesday after a rise in U.S. crude inventories, while an intensifying crisis in Venezuela and tightened U.S. sanctions on Iran added further uncertainty to markets.
U.S. crude stocks rose by 6.8 million barrels to 466.4 million barrels in the week to April 26, the American Petroleum Institute , an industry group, said on Tuesday. Oil markets have already tightened this year due to supply cuts led by the Organization of the Petroleum Exporting Countries as well as U.S. sanctions on Venezuela and Iran.
OPEC meets in June to discuss production policy. While Washington has demanded the group increase output to make up for the shortfall from Iran, OPEC’s de facto leader Saudi Arabia said on Tuesday it had no immediate plan to do so.
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