Oil prices edge lower on rising U.S. stockpiles [Video]

Oil prices fell in early Asian trading hours on Wednesday after market sources said that data from the American Petroleum Institute showed an increase in U.S. crude and fuel stockpiles, an indicator of weak demand.

Brent crude oil futures fell 21 cents, or 0.3%, to $82.95 a barrel by 0020 GMT. U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2%, to $78.25 a barrel.

U.S. crude stocks rose by 509,000 barrels in the week ended May 3, market sources said citing American Petroleum Institute figures. Gasoline and distillate fuel inventories also rose, they said.

Official U.S. government data on stockpiles is due at 1430 GMT. Analysts polled by Reuters expect U.S. crude oil inventories to have fallen by about 1.1 million barrels last week. 

Both benchmarks fell marginally in the previous session on signs of easing supply tightness. The EIA updated its forecasts for 2024 and now expects world oil and liquids output to grow more this year than earlier projections, and demand to grow less than …