Oil fell on Wednesday on fears over fresh outbreaks of COVID-19, as well as after data showed a build in U.S. inventories.
Data released Wednesday by the U.S. Energy Information Administration (EIA) revealed that, for the week ending June 12, stockpiles increased by 1.2 million barrels from the prior week. This was, however, less than the 1.6 million build analysts had been expecting.
Brent crude was down 26 cents at $40.70 U.S. per barrel. West Texas Intermediate fell 46 cents, or 1.2%, to trade at $37.91 U.S. per barrel.
The administration of U.S. President Donald Trump is reportedly preparing an up-to-$1-trillion infrastructure package to support the economy.
To contain the spread of a new virus outbreak in Beijing, scores of flights were cancelled and schools closed down.
However, markets found some relief after clinical trial results showed the corticosteroid medication dexamethasone cut death rates by around a third among the most severely ill COVID-19 patients.
