July futures for Brent oil fell in price on the London ICE Futures exchange by $0.65 (0.78%) to $82.23 per barrel.
July futures for WTI fell in price in e-trading on the New York Mercantile Exchange NYMEX by $0.68 (0.86%) to $77.98 per barrel.
The fall in prices could be due to concerns that the Federal Reserve will have to wait a long time to cut rates, said CFRA Research analyst Stewart Glickman. Easing monetary policy will stimulate demand, but so far the market is not receiving this support, he added.
The American Petroleum Institute (API) reported that in the week ending May 17, oil reserves in the United States increased by 2.48 million barrels. The US Department of Energy will release its data later on Wednesday. Analysts surveyed by Trading Economics on average expect the data to indicate a decline in oil inventories of 3.1 million barrels.
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