Oil hits two-week lows on oversupply concerns

FXStreet (Mumbai) – Oil prices in the US fell on Wednesday to hit a two-week low after the private group in the US reported a massive build in the inventory yesterday.

At the time of writing, WTI futures were down 62 cents or 1.4% at USD 43.59/barrel. Brent futures were down 32 cents around USD 47.77/barrel.

The American Petroleum Institute (API) reported a weekly rise in the inventories by 6.3 million barrels. The US government data released by the Energy Information Administration (EIA) is expected to show the inventories rose by 790,000 barrels in the US inventory.

Oil prices in the US fell on Wednesday to hit a two-week low after the private group in the US reported a massive build in the inventory yesterday.

(Market News Provided by FXstreet)