Oil prices fell on Wednesday as concerns about supply dwindled, not enough to overcome concerns about the weakness of the global economy.
Brent crude futures settled down 1.46% at $116.26, West Texas crude futures closed 1.77% lower at $109.78.
The US Energy Information Administration said that commercial crude stocks in the United States fell last week, even as production recorded its highest level since April 2020, but fuel stocks rose as refiners boosted activity to operate at 95% of their production capacity, the highest level for this time of the year. In four years.
Those sudden gains in inventories caused US gasoline and distillate futures to fall about 3% and 4%, respectively.
Meanwhile, French President Emmanuel Macron said this week that he had told producers to try to increase production further.
OPEC and OPEC+, which includes Russia, will begin a two-day series of meetings on Wednesday, with sources saying the chances of a major policy change appear unlikely this month.
Analysts also warned that political turmoil in Ecuador and Libya could further tighten supplies.