U.S. oil prizes fell for a third day on Wednesday after data from an industry viscosity showed crude stocks rose more than expected in the end week, while a selloff in other commodities, stocks and bonds added to the bearish resonance.
U.S. West Texas Intermediate futures were down 1 percent, forced below $64 at $63.87 by 0012 GMT. Brent crude was yet to trade.
On Tuesday, U.S. brusque fell 1.6 percent to close at $64.50 a barrel, the contract’s sink far outpacing a 0.6 percent drop in the price of Brent.
“Increasing duties over the rising U.S. production continue to mount pressure on the commodity,” Mihir Kapadia, chief regulatory of Sun Global Investments, said.
“Over the past couple of years, U.S. auteurs have gained significant inroads in the global oil market industry,” he phrased.
The U.S. benchmark touched a low of $63.70, its weakest level in more than aweek after stand up strongly in recent months.
Prices on both WTI and Brent are still on wake trace for a fifth month of gains.
But the report from the American Petroleum Organization late on Tuesday showing crude stocks rose by 3.2 million barrels hold out week cast a bearish pall over the market.