FOX LIVE NEWS UPDATE

FOX LIVE NEWS UPDATE

UPDATE 4-Oil falls below $74 on U.S. inventories, OPEC supply

Aug 1 (Reuters) – Oil slipped below $74 a barrel on Wednesday pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and by higher OPEC production, adding to indications of more ample supply.

On Tuesday, the American Petroleum Institute said crude inventories rose by 5.6 million barrels last week. Analysts had expected a decrease of 2.8 million. The U.S. government’s supply report is due on Wednesday. EIA/S

Brent crude LCOc1 , the global benchmark, dropped 40 cents to $73.81 a barrel by 0832 GMT, adding to a 1.8 percent loss in the previous session. U.S. crude CLc1 was down 44 cents at $68.32.

“A fresh dose of price angst has come from an unexpected source,” said Stephen Brennock of oil broker PVM. “The U.S. has been flying the flag for the drawdown in global oil stockpiles, yet the rebalancing paused abruptly last week,” he said, referring to the API report.

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