price movements
Brent crude fell $1.03, or 1.3%, to settle at $76.41 a barrel.
U.S. crude West Texas Intermediate also fell $1.15, or 1.6%, to $72.56.
US consumer prices rose in April, raising the possibility that the US Federal Reserve will keep interest rates high.
Oil has been hurt by rising global interest rates in recent months amid fears of recession.
Guy Hatfield, CEO of Infrastructure Capital Management, said: “Oil prices are falling on concerns about economic growth, the banking crisis and the usual seasonal slowdown in the spring as energy demand moderates.”
U.S. crude inventories rose nearly three million barrels in the week ending May 5, according to data from the Energy Information Administration.
Analysts polled by Reuters had expected inventories to fall by 900,000 barrels a day.
The sudden rise in U.S. inventories combined with lower crude imports and weaker Chinese export growth in April fueled concerns about global oil demand.
Read the Latest World News Today on The Eastern Herald.
