LONDON : Oil fell to around $30 a barrel on Wednesday as a report showing a higher-than-expected rise in U.S.
inventories offset hopes for a recovery in demand as some countries ease coronavirus lockdowns. Brent crude has almost doubled since hitting a 21-year low reached on April 22, supported by expectations demand will recover and by a record supply cut led by the Organization of the Petroleum Exporting Countries.
At 1225 GMT, Brent was down 85 cents, or 2.7%, at $30.12 a barrel, having risen in the past six sessions. West Texas Intermediate (WTI) crude fell 51 cents, or 2.1%, to $24.05. "Clearly, the optimism of the re-opening of the global economy has supported the oil rally," said Naeem Aslam, analyst at Avatrade.