LONDON (Reuters) – Oil costs fell on Wednesday after trade information confirmed a rise in U.S. crude inventories and on demand issues linked to a protracted commerce struggle between China and the USA.
FILE PHOTO: An oil effectively pump jack is seen at an oil area provide yard close to Denver, Colorado, U.S., February 2, 2015. REUTERS/Rick Wilking/File Picture
Nonetheless, analysts mentioned oil markets remained tight amid provide cuts by producer group OPEC and allies resembling Russia, and as political pressure escalates within the Center East.
Brent crude futures had been down 41 cents at $71.77 a barrel by 1339 GMT. U.S. West Texas Intermediate (WTI) crude…