Worldwide prices for crude fell on Wednesday as a bigger-than-expected rise in U.S. inventories and a widening rift within the Organization of the Petroleum Exporting Countries heightened oversupply fears.
Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand.
Crude futures ended the quarter down nearly 70% after record losses in March.
Brent crude was down $1.17, or 4.44%, to trade at $25.18 U.S. per barrel. U.S. West Texas Intermediate crude fell 19 cents, or 0.9%, to trade at $20.28 U.S. per barrel.
Figures released by the American Petroleum Institute showed U.S. crude inventories rose by 10.5 million barrels last week, far exceeding forecasts for a four-million barrel buildup.
Adding to the general discontent was a rift within OPEC. Saudi Arabia and other members of OPEC were unable to come to an agreement on Tuesday to meet in April to discuss sliding prices.
