Oil prices fell on Wednesday after a government report showed a large rise in U.S. crude inventories.
It signaling ample supply even as OPEC achieves record compliance with its output cut accord.
U.S. inventories rose by a larger-than-expected 9.5 million barrels last week to a total of 518.1 million barrels in the week through Feb. 10, the Energy Information Administration’s (EIA) reported.
Analysts expect U.S. crude inventories to have risen by 3.5 million barrels, for the sixth straight week of gains. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 702,000 barrels, EIA said. Gasoline stocks rose by 2.8 million.