Due to US inventories, Oil prices falls once again


On Wednesday, Oil prices as renewed fears of a global fuel supply glut after US crude stockpiles rose and output from the Organization of the Petroleum Exporting Countries continued to rise.

London Brent crude was up 21 cents, or 0.4 percent, at $ 48.63 a barrel.

US West Texas Intermediate crude futures were down 20 cents, or 0.4 percent, at $ 46.20 a barrel.

Since the beginning of the year, crude prices have fallen by about 15 percent, making oil one of the worst performing commodities in 2017.

The US Petroleum Institute said on Tuesday that US crude inventories rose 1.6 million barrels in the week ending July 14 to 497.2 million barrels.

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