LONDON (Reuters) - Oil prices fell on Wednesday after U.S. crude inventories unexpectedly rose and amid concerns about a slowing Chinese economy.
Oil prices have been charging higher as economies recover from pandemic lockdowns and fuel demand picks up, while some producing countries have seen supply disruptions.
U.S. oil, gasoline and distillate stockpiles rose last week, according to market sources, citing American Petroleum Institute figures on Tuesday.
Analysts in a Reuters poll expected data from the Energy Information Administration in the United States due later to show a fall in crude stockpiles.
“With the relative strength indexes .... on both contracts in overbought territory yesterday, the odds of a speculator-driven pullback were high,” said Jeffrey Halley, senior market analyst at OANDA.
Traders expect the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to decide to keep supplies tight when they meet next week.