Oil prices declined in Asian trade on Wednesday after fresh industry data showed another rise in United States crude and fuel inventories, reinforcing global supply glut concerns.
By 3:50 pm AEDT (4:50 am GMT), Brent crude futures slipped 23 cents or 0.4% to $64.66 per barrel, while U.S. West Texas Intermediate fell 20 cents or 0.3% to $60.54 per barrel.
Both benchmarks had gained more than 1% in the prior session.
According to market sources citing American Petroleum Institute figures released late Tuesday, U.S. crude stocks increased by 4.45 million barrels in the week ending 14 November.
Gasoline inventories climbed 1.55 million barrels, and distillate stocks rose 577,000 barrels.
Official U.S. Energy Information Administration data, due later Wednesday, is expected to show crude inventories fell by about 600,000 barrels, based on the average estimate from eight analysts polled by Reuters.
Tuesday’s price gains were driven by renewed concerns over Russian supply, as markets assessed the impact of U.S. sanctions on Russian oil exports and ongoing Ukrainian drone attacks on energy infrastructure.
ANZ analysts highlighted: "A drone attack damaged an oil depot and vessel in the Black Sea port of Novorossiysk. Rosneft’s Saratov refinery in Russia’s Volga region has also been targeted in recent days."
However, analysts caution that these geopolitical risks are competing with a broader narrative of oversupply, which has kept downward pressure on crude prices.
A senior White House official said Monday that U.S. President Donald Trump is prepared to sign legislation advancing through Congress that would impose new sanctions on Russia, provided he retains final authority over how the measures are implemented.
