Oil falls towards $40 as U.S. inventory rise revives glut worries

Oil falls towards $40 as U.S. inventory rise revives glut worries

LONDON (Reuters) - Oil fell more than 1% towards $40 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand due to the coronavirus crisis.. The report from the American Petroleum Institute, an industry group, said crude stocks rose by 8.4 million barrels, rather than falling as analysts forecast.. But some analysts think the market has risen too far as the coronavirus pandemic continues.. Official government figures on U.S. stockpiles from the Energy Information Administration are due later on Wednesday..