SULAIMANI (ESTA) — Oil prices lost gains on Wednesday as rising fuel stockpiles in the United States raised concerns of declining demand in the country.
Brent crude futures fell 13 cents to $79.87 a barrel at 0544 GMT after hitting a high of $80.26 in the previous session.
U.S. West Texas Intermediate (WTI) futures fell 16 cents to $76.83 per barrel.
U.S. gasoline stockpiles rose by 7.1 million barrels in the week to December 31, the American Petroleum Institute (API) reported on Tuesday, according to Reuters.
“We think fundamentals have weakened recently as reflected in the aggregate timespread which is a good indicator of the prevailing demand-supply balance,” Reuters quoted Barclays analyst Amarpreet Singh as saying.
Global benchmark Brent crude jumped to $80 a barrel on Tuesday, after OPEC+ agreed to stick with its planned increase for February.
OPEC+, comprising of the Organization of the Petroleum Exporting Countries and allies, agreed to stick to its planned increase of 400,000 barrels per day (bpd) in oil output in February.
Its decision reflects easing concerns over a big surplus in the first quarter, as well as a wish to provide consistent guidance to the market
