Oil prices fell today, amid concerns about oversupply, after rising by about 3% during the previous session.
Brent crude futures fell 24 cents to $76.72 a barrel.. US West Texas Intermediate crude fell 21 cents to $72.62 a barrel.
Yesterday, both benchmarks rose by about 3%, amid optimism about oil demand and the debt ceiling negotiations in the United States.
Oil prices are under pressure, including the unexpected jump in US oil inventories last week, due to a new withdrawal from the Strategic Petroleum Reserve.
Inventories increased five million barrels in the week ending May 12 to 467.6 million barrels, compared to expectations for a decline of 900 thousand barrels.
