“Oil Prices Fall on Surprise Rise in US Crude Inventories and Weak Economic Data from US and China”

Oil prices fell for a second day on Wednesday, after a surprise rise in US crude inventories raised concerns about demand in the wake of weaker-than-expected economic data from the United States and China, the world’s two largest oil consumers.

Brent crude futures fell 29 cents, or 0.4 percent, to $74.60 a barrel. US West Texas Intermediate crude also fell 32 cents, equivalent to 0.4 percent, to $70.55, at 0005 GMT.

US crude inventories rose by about 3.6 million barrels in the week ending May 12, according to market sources citing American Petroleum Institute figures.