Oil Dips On Rising U.S. Crude Inventories, High OPEC Supplies - Today Commodity Market Tips News

Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang. Brent crude futures, the international benchmark for oil prices, were at $48.81 per barrel at 0259 GMT, down 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.33 per barrel, down 7 cents. U.S. crude stocks rose last week, adding 1.6 million barrels in the week to July 14 to 497.2 million barrels, industry group the American Petroleum Institute said on Tuesday.

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