Oil prices edged lower on Wednesday, after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand.
U.S. crude stocks rose by about 2.2 million barrels for the week ended Aug. 5, according to American Petroleum Institute figures. Analysts had forecast a small 400,000-barrel drop in crude inventories.
Brent crude futures fell 1.55% to $94.82 U.S. per barrel. U.S. West Texas Intermediate crude futures stood at $89.10 for a loss of 1.55%.
Though concerns over a potential global recession have weighed on oil futures recently, U.S. oil refiners and pipeline operators expect energy consumption to be strong for the second half of 2022, according to a Reuters review of company earnings calls.
