Oil prices fall as US inventories increase
SANAA, May 1 (YPA) – Oil prices fell on Wednesday after a report showed an increase in US crude stocks, but tension remained in global markets amid the worsening political crisis in Venezuela, the tightening of US sanctions on Iran and the continuation of OPEC supply cuts.
At 06:52 GMT, Brent crude futures were at $ 71.52 a barrel, down 54 cents, or 0.8 percent, from their latest close.
US WTI crude oil futures fell 66 cents, or one percent, at $ 63.25 a barrel.
The American Petroleum Institute (API) said on Tuesday that crude inventories in the United States rose 6.8 million barrels to 466.4 million barrels in the week ending April 26.
But the market focus turns towards the crisis in the main oil producer, Venezuela, where there is a confrontation between President Nicolas Maduro and opposition leader Juan Joaidu. Many observers fear that this will lead to escalating violence and further disruption of crude supply.