Oil falls on higher U.S. oil stocks, inflation data in focus

Washington, May. 10 (Us): Oil prices fell on Wednesday, snapping a three-day rally, as an unexpected rise in US oil inventories sparked concerns about demand, while investors awaited US inflation data to gauge the next rate decision in the largest oil consumer.

Brent crude fell 52 cents, or 0.7%, to $76.92 a barrel at 0455 GMT, while US West Texas Intermediate crude fell 49 cents, or 0.7%, to $73.22, Reuters reported.

In a possible sign of weak demand, US crude inventories rose by about 3.6 million barrels in the week ending May 5, while gasoline stocks rose by 399,000 barrels, the American Petroleum Institute reported on Tuesday, according to market sources.

The data came in contrast to the expectations of eight analysts polled by Reuters regarding a decline in crude stocks by 900 thousand barrels and a decrease of 1.2 million barrels in gasoline stocks.

US government data on oil inventories is due out on Wednesday.

A sudden US inventory buildup coupled with lower crude oil imports and lower export growth in China in April exacerbated concerns about global oil demand.

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