Oil prices fell on Wednesday after industry data showed an increase in U.S. crud...
TOKYO/SINGAPORE - Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced.
However, analysts said oil markets remained tight amid supply cuts led by producer group OPEC and as political tension escalates in the Middle East.U.S. West Texas Intermediate crude futures for July delivery were down 49 cents, or 0.8 percent, at $62.64. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents.
Official data from the U.S Energy Information Administration’s oil stockpiles report is due later on Wednesday. Saudi Arabia has been at the forefront of supply cuts led by the Organization of the Petroleum Exporting Countries , of which the kingdom is the de-facto leader, that began in January and are aimed at reducing global oversupply.
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