A possible sign of weak demand, U.S. crude inventories rose about 3.6 million barrels in the week ending May 5, while gasoline inventories rose 399,000 barrels, according to data from the American Petroleum Institute on Tuesday.
US government data from the Energy Information Administration on oil inventories is due Wednesday.
Data released on Wednesday showed that consumer prices in the United States rose in April, raising the possibility that the US Federal Reserve will keep interest rates high for the time being.
New York Federal Reserve Chairman John Williams said earlier that inflation was still too high and that the central bank would raise interest rates again if needed.
The market is also awaiting the monthly report from the Organization of the Petroleum Exporting Countries (OPEC), due out on Thursday, on whether the organization and its allies need to cut production again to raise prices.
Last month, the OPEC+ group decided to voluntarily cut production by 1.16 million barrels per day from May until the end of the year, and it is expected to hold its production policy meeting on June 4. .
Markets were also watching statements by U.S. President Joe Biden and senior Republican lawmakers about raising the U.S. debt ceiling to $31.4 trillion amid fears of an unprecedented default if Congress does not act within the three weeks.
price movements
Brent crude fell 60 cents, or 0.7%, to $76.84 a barrel as of 1335 GMT. Nymex crude also fell 69 cents, or 0.9%, to $73.02.
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