Oil falls on rise in US inventories
Oil prices fell on Wednesday, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and investors awaited inflation data for a steer on US interest rates.
Brent crude dropped $1.01, or 1.3 per cent, to $76.43 a barrel by 0855 GMT while US West Texas Intermediate (WTI) crude fell 99 cents, or 1.3 per cent, to $72.72.
In a possible sign of weakening demand, US crude inventories rose by about 3.6 million barrels in the week ended May 5 while gasoline stockpiles rose by 399,000 barrels.
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