Oil down as rising U.S. inventories reawaken supply anxiety

Oil down as rising U.S. inventories reawaken supply anxiety

TOKYO (Reuters) - Oil prices fell on Wednesday after a rise in crude and fuel stockpiles in the United States revived fears about oversupply and falling fuel demand in the world's largest crude consumer amid the coronavirus outbreak.. "With equity markets edging lower, and a vast amount of good news baked into oil prices at these levels, it was no surprise that the oil market's confidence wavered slightly," said Jeffrey Halley, senior market analyst at OANDA.. U.S. oil stocks climbed 8.4 million barrels in the week to June 5, API data showed, while a Reuters poll of analysts had indicated a draw of 1.7 million barrels.. Distillate fuel stockpiles, including diesel fuel and heating oil, rose by 4.3 million barrels, outpacing expectations for a 3 million barrel increase.. While layoffs fell in the U.S. in April, hiring hit a record low indicating it will take many years for a recovery in the labour market in the world's biggest economy..