Crude oil prices fell on Wednesday after data showed a surprise increase in U.S. crude inventories, indicating weaker demand in the world’s largest oil consumer.
The U.S. Energy Information Administration (EIA) reported that crude inventories rose by 1.1 million barrels in the week ending May 19, compared to analysts’ expectations for a 1.7 million barrel draw.
Brent crude futures were down 0.8% at $82.50 per barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 0.9% to $78.15 per barrel.
The unexpected build in U.S. crude stocks, along with concerns about the global economic outlook, put downward pressure on oil prices.