Blog

Oil falls on large U.S. crude stocks

Oil prices fell on Wednesday after U.S. government data showed a big rise in crude oil stocks, adding to concerns about global oversupply and sluggish economic growth in China. U.S. crude oil stocks rose by 4.67 million barrels to 455.43 million barrels in the week to Aug. 28, the Energy Information Administration (EIA) said on Wednesday. Analysts in a Reuters poll had expected U.S. crude stocks to have remained flat