Oil futures fell on Wednesday, after suffering a loss of nearly 6% a day earlier, pressured as Saudi Arabia's output levels looked to recover much sooner than expected and the U.S. government reported a weekly rise in domestic crude inventories, following four consecutive weeks of declines.
Prices briefly pared some of the losses in earlier dealings on the back of rising U.S. tensions with Iran. President Donald Trump announced via Twitter that he ordered Treasury Secretary Steven Mnuchin to "substantially increase" sanctions on Iran as U.S. intelligence indicated that the country was the staging ground for the recent attacks in Saudi Arabia.
October West Texas Intermediate oil fell $1.23, or 2.1%, to settle at $58.11 a barrel on the New York Mercantile Exchange. It fell 5.7% on Tuesday, after a nearly 15% rise Monday.
Source : Marketwatch