Oil falls as US stockpiles surge
Oil prices fell on Wednesday after industrial data showed an increase in US crude inventories as well as Saudi Arabia's pledge to maintain a balance of markets.
However, analysts said oil markets were still in short supply under OPEC-led production cuts and heightened political tension in the Middle East.
By 0658 GMT, Brent crude futures were down 39 cents, or 0.5 percent, at $ 71.79 a barrel.
US crude futures for July delivery fell 59 cents, or 0.9 percent, to 62.54 dollars a barrel. The June contract settled at $ 62.99 a barrel, down 11 cents.
The US Petroleum Institute said on Tuesday that US crude inventories rose by 2.4 million barrels last week to 480.2 million barrels, compared with expectations of analysts, down 599 thousand barrels.
The US Energy Information Administration (EIA) announces official oil inventories later on Wednesday and outside the United States, Saudi Arabia said on Wednesday it was committed to maintaining the balance and sustainability of the oil market.
In addition to the fundamentals of the market, oil traders are watching tensions between the United States and Iran, and these tensions have escalated since Trump re-imposed sanctions on Iran's oil exports in a bid to stifle Iran's economy and force it to halt its nuclear program.
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