Oil fell for a second day after an industry report indicated the biggest increase in US inventories in more than three months.
West Texas Intermediate held above $60, while Brent settled at more than $64 on Tuesday. US crude inventories rose 6.5 million barrels last week, according to a document from the American Petroleum Institute seen by Bloomberg. That would be the biggest jump since July 25 if confirmed by official data later Wednesday.
Oil declined Tuesday after a global equities rally hit a speed bump and the greenback climbed to the highest in more than five months, weighing on crude and other dollar-denominated commodities. WTI has fallen 16% this year as increased production from OPEC+ and non-member nations amplified concerns over a forming glut, although prices have rebounded somewhat after the US last month announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia's two biggest producers.
Prices:
WTI for December delivery fell 0.3% to $60.35 a barrel at 7:25 a.m. in Singapore.
Brent for January dropped 0.7% to settle at $64.44 a barrel on Tuesday.
Source: Bloomberg
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