Oil prices fell on Wednesday after industry data showed a surprise rise in U.S. crude stocks, hinting at slowing demand at the world's largest consumer in the face of rising inflation and slowing manufacturing.
Benchmark Brent crude futures fell 0.7 percent to $95.61 a barrel, while U.S. crude futures were down 0.7 percent at $89.84.
According to data from American Petroleum Institute release late Tuesday, U.S. crude inventories rose by about 2.2 million barrels in the week ended 5 August, compared with a forecast of a rise of around 100,000 barrels.
Official government data is due later in the day. Investors also await key U.S. inflation data later in the day and the OPEC's monthly oil market outlook scheduled to be released on 11 August for further direction.
The OPEC said in its July report that global oil demand is likely to rise in 2023 but at a slower pace than 2022.
U.S. consumer prices are expected to edge up by 0.2 percent in July after increasing by 1.3 percent in June. The annual rate of growth is expected to slow to 8.7 percent from a four-decade high of 9.1 percent.
