Investing.com - Oil prices fell on Wednesday in Asia after the American Petroleum Institute (API) reported that U.S. oil inventories rose last week.
The API said that crude inventories rose by about 600,000 for the week ended Oct. 25.
U.S. crude oil WTI futures dropped 0.5% to $55.28 by 1:10 AM ET (05:10 GMT). International benchmark Brent fell 0.9% to $61.06.
Analysts expect that the Energy Information Administration’s weekly supply report, due out later Wednesday to show a rise of 494,000 barrels.
Oil prices were also pressured by lower demand growth for 2019 and 2020 anticipated by the International Energy Agency (IEA).
While noting that demand rose by 800,000 barrels a day in July and 1.4 million barrels a day in August, the IEA has lowered its forecast for demand growth in 2019 by 100,000 barrels per day to around 1 million bpd and reduced its forecast for 2020 by the same amount to 1.2 million bpd.