WASHINGTON (dpa-AFX) - Oil was slightly lower near its lowest level in nearly four months on Wednesday after industry data pointed to an increase in U.S. crude stockpiles.
Benchmark Brent crude futures dipped 0.4 percent to $77.19 a barrel, while WTI crude futures were down half a percent at $72.88.
Oil prices were down for a sixth straight session after American Petroleum Institute figures showed U.S. crude oil, gasoline and distillate stocks rose last week in a sign of supplies exceeding demand.
Crude oil inventories in the United States rose this week by 4.052 million barrels for the week ending May 24 as against expectations for a 1.9-million-barrel draw.
Gasoline inventories also rose by 4.026 million barrels, adding to concerns about demand growth.
The U.S. Energy Information Administration (EIA) is scheduled to release its report later today.
Traders also fretted about possible oversupply in the market following the decision of the OPEC+ to gradually phase out voluntary production cuts from October.
The OPEC's decision to phase out production cuts will see more than 500,000 bpd of crude returning to the market by December. 1.8 million bpd would come back by June of 2025.
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