Oil prices fall on U.S. crude stockpile increase

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An oil pumpjack in a field in Grandfalls, Texas, on March 24, 2024.
Brandon Bell | Getty Images

Crude oil futures fell for a second day Wednesday as U.S. crude stockpiles rose.

The West Texas Intermediate contract for May delivery dipped 11 cents, or 0.13%, to $81.51 a barrel Wednesday. The Brent contract for May delivery lost 22 cents, or 0.26%, to $86.03 a barrel.

U.S. commercial crude stockpiles, which exclude the strategic petroleum reserve, rose by 3.2 million barrels for the week ending March 22, according to the Energy Information Administration. Gasoline inventories rose by 1.3 million barrels.

Domestic crude production was unchanged at 13.1 million barrels per day. Products supplied to the market, a proxy for demand, fell by 212,000 barrels.

WTI has gained 13.7% for the year while Brent is up 11.6%.

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