Global crude oil prices fell further Wednesday, as a larger-than-expected increase in US inventories and a rising trend in OPEC increased fear of excess supply.
Oil prices have been approaching their lowest level since 2002, following the global coronavirus crisis, which caused a worldwide economic slowdown and reduced oil demand. Crude futures closed the first quarter with an approximate 70% drop after record losses in March.
As of 0345 GMT, Brent crude was down by 47 cents, or 1.8%, at $25.88 a barrel. West Texas Intermediate (WTI) crude was up 12 cents, or 0.6%, at $20.6 a barrel.
According to the data of American Petroleum Institute, US crude stocks increased by 10.5 million barrels last week, exceeding the projected for its planned accumulation.
There has not been a positive approach in the market to soften the industry among the members of the Organization of Petroleum Exporting Countries (OPEC). Saudi Arabia and other OPEC members failed to reach an agreement Tuesday that could increase prices.
It is unlikely that OPEC will achieve a volumetric solution sufficient to offset oil demand losses, with or without Russia or the United States.