OIL PRICES DIP AS SUPPLY CONCERNS RESURFACE ON RISING U.S. STOCKS….LIVE NEWS UPDATE BY ROYAL TRADERS

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 Oil prices reversed course to edge lower on Wednesday as a higher than expected rise in U.S. inventories refocused investors on the risk of oversupply amid a coronavirus-driven slump in fuel demand.

U.S. West Texas Intermediate (WTI) crude (CLc1) futures fell 27 cents, or 1.1%, to $24.29 a barrel by 0436 GMT, snapping a five-day winning streak.

Brent crude (LCOc1) futures dipped 20 cents, or 0.7%, to $30.77 a barrel, ending a six-day rise.

Oil slipped after a report showed U.S. crude inventories rose 8.4 million barrels last week, more than expected, according to data from the American Petroleum Institute(API) late on Tuesday.

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