Oil at 4-month low

Oil at four-month low as U.S. inventories rise Oil held losses to four-month lows, with the declines deepening as an industry report showed U.S. crude inventories rose and OPEC+ plans to increase supply. The American Petroleum Institute (API) reported that U.S. inventories rose by 4.1 million barrels last week, according to people familiar with the data. Brent crude traded above $77 a barrel on Tuesday, while U.S. crude was near $73. The API also reported that crude inventories rose at the Cushing, Oklahoma, storage hub where the U.S. benchmark is priced. There were also big increases in gasoline and distillate inventories nationwide. Oil has lost about 5 percent this week despite concerns about demand and higher production from outside the group, following OPEC+’s decision on Sunday to begin easing fourth-quarter supply cuts. Priyanka Sachdeva, senior market analyst at broker Phillip Nova Pte in Singapore, said more supply from OPEC+ would likely lower oil prices at a time when economic activity is softer and geopolitical tensions are easing.