Oil prices sank on Wednesday following a report of another rise in U.S. crude stockpiles and as the market continues to grapple with concerns about fuel demand.
U.S. commercial crude inventories rose by 4.9 million barrels in the week through June 7, according to the American Petroleum Institute, an industry group. Analysts in a Reuters poll had expected stockpiles to fall by 481,000 barrels.
Traders are now waiting for confirmation when the U.S. Energy Information Administration releases official government figures at 10:30 a.m. ET. Last week, crude futures fell to a nearly five-month low after EIA figures showed crude stocks surged to the highest level since July 2017.
Brent crude, the international benchmark for oil prices, was down $1.54, or 2.5%, at $60.75 around 8:35 a.m. ET (12:35 GMT). Brent hit a session low at $60.30 in early morning trading.
U.S. West Texas Intermediate crude futures fell $1.44, or 2.7%, to $51.83 per barrel. WTI fell as low as $51.46 earlier in the session.
Source : CNBC