Crude oil fell as the US market opened on Wednesday to continue its losses for a second consecutive day as unofficial data in the United States showed an unexpected rise in commercial crude inventories. Traders are looking forward to official stockpiles and production levels contained in the weekly report of the agency American Energy.
By 12:55 GMT, US crude fell to $ 70.95 a barrel from the opening price of $ 71.02, recording a high of $ 71.32 and a low of $ 70.84.
In unofficial data, the US Petroleum Institute announced yesterday that US trade inventories rose by 4.9 million barrels for the week ending May 11, the third weekly rise in a month, contrary to expectations of a decline of about 0.8 million barrels.
According to these data, total inventories reached 464.4 million barrels, the highest level of US stocks in 2018, in a negative sign of demand levels in the world's largest oil consumer.
Traders are looking ahead to the official data for the US Energy Agency, which is expected to drop 1.1 million barrels in the second consecutive weekly decline.
For the US production, the previous week rose by 80 thousand barrels per day, the increase of 11 per week, respectively, to a total of 10.7 million barrels per day, the highest level of production in the United States at all, and the expectations for an increase for the twelfth week in a row.
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