Oil falls on rising US inventories

Oil prices fell in early trading today after US gasoline inventories increased and Saudi Arabia cut its July prices for Asian crude buyers.

Brent crude futures fell 21 cents, or 0.3%, to $64.65 a barrel. US West Texas Intermediate crude lost 29 cents, or 0.5%, to $62.58.

Oil prices settled down about 1% on Wednesday after official data showed US gasoline and distillate inventories grew more than expected, reflecting weak demand in the world’s largest economy.

Price pressure also increased after Saudi Arabia, the world’s largest oil exporter, cut its official selling price for its Arab Light crude for July to its lowest level in nearly four years.

The Kingdom’s price cut follows OPEC+’s agreement earlier this week to increase production by 411,000 barrels per day in July.