Oil prices fell on Wednesday to their lowest in over three months, after industry data showed a steep construct in US crude supplies, while mixed Chinese economic data raised worries about global demand for crude.
Brent crude futures dropped 25 cents to $81.36 a barrel by 0001 GMT, while US crude futures fell 35 cents to $77.02 a barrel. Each declined to the bottom since July 24 in early Asia trade.
US crude oil stocks rose by almost 12 million barrels last week, market sources said late Tuesday, citing American Petroleum Institute figures.
The US Energy Information Administration (EIA) will delay the discharge of weekly inventory data until the week of Nov. 13.
Crude oil production in the USA this yr will rise by barely lower than previously expected while demand will fall, the EIA said on Tuesday.
US crude oil stocks rose by almost 12 million barrels last week.REUTERS
The EIA now expects total petroleum consumption within the country to fall by 300,000 bpd this yr, reversing its earlier forecast of a 100,000 bpd increase.
Data in China, the world’s biggest consumer of oil, also raised doubts in regards to the demand outlook.
Crude oil imports by the world’s second-biggest economy in October showed robust growth but its total exports of products and services contracted at a quicker pace than expected, adding to fears of lower global energy demand.
Adding to pressure on oil prices was a modest recovery within the US dollar from recent lows, which makes oil costlier for holders of other currencies.