Oil falls as US crude inventories rise and Libya increases supply

London — Oil edged lower on Wednesday trading below $42 a barrel, pressured by a report that US crude inventories unexpectedly rose and as growing numbers of coronavirus cases around the world raised concern of stalling demand.

“Sentiment remains fragile,” said Jeffrey Halley, analyst at broker Oanda. “Inventories are expected to fall by 2.3-million barrels. A surprise increase could well be enough to initiate another downward leg in crude prices.” “Yesterday’s positive tone is pausing for breath,” said Stephen Brennock of broker PVM. “The outlook has taken a big knock of late amid the intensifying Covid-19 pandemic.”

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