Oil prices fall on US inventory data

Global oil prices fell on Wednesday morning after the release of data on an unexpected increase in commercial oil stocks in the United States.

July futures for Brent crude fell by 0.71% to $76.89 per barrel, and June futures for WTI dropped by 0.73% to $73.17.

On Tuesday night, the American Petroleum Institute (API) published its assessment of the dynamics of US commercial inventories over the past week. For the week ending May 5, the index rose by 3.6 million barrels, although a decline of 1.6 million was expected. The country's Energy Department will publish official statistics on Wednesday evening. Analysts predict a decrease in reserves by 0.9 million barrels.

Earlier, the Chinese Customs Administration published data on the country's trade balance for January-April. China's exports in the reporting period increased by 2.5%, while imports fell by 7.3%. The oil market is closely following the economic performance of China, the world's largest oil importer.





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