Oil falls below $41

Oil fell more than 1% to below $41 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand because of the coronavirus crisis.

crude stocks rose by 8.4 million barrels, rather than falling as analysts forecast. [API/S] The U.S. government’s official stocks figures are due out later on Wednesday. [EIA/S]

Both benchmarks had hit three-month highs on Monday.