Oil slipped below $74 a barrel on Wednesday morning after the American Petroleum Institute (API) reported a crude oil inventory build of 5.59 million barrels last week, compared to analyst expectations for a 2.8 million-barrel drawdown.
Global Brent crude was down 69 cents or 0.92 percent at $73.73 a barrel, adding to a 1.8 percent decline in the previous session, as investors awaited the U.S. government’s supply report later in the day for further direction. U.S. crude was down 60 cents or 0.87 percent at $68.16 a barrel.
Kuwait’s oil minister said today that the oil market is approaching a very stable stage for both the consumers and the producers.
Trade tensions also remained in focus following reports the Trump administration is considering imposing additional tariffs on Chinese imports.