Oil prices fell this evening after a US government report showed that fuel inventories rose last week, outweighing a decline in crude stocks in the world's top consumer.
Petrol stocks unexpectedly rose 537,000 barrels and distillates inventories gained 2.46 million barrels, the Energy Information Administration report said. A rise in inventories is seen as a signal of weaker demand for energy. Crude stockpiles, however, fell by just over two million barrels.
US crude for August fell 37 cents to $75.57 after rising as high as $76.83 earlier in the day. Brent crude fell 27 cents to $75.17.
Oil remained on course for its first quarterly decline since 2008 as stresses in financial markets and weak US employment numbers led to concerns about the pace of economic recovery.
Crude oil prices have fallen more than 9% in the last three months, posting the first quarterly drop since the peak of the financial crisis in late 2008.
In early May, US crude hit a 19-month high above $87, but concern about the debt crisis in Europe and the pace of growth in top consumers the US and China sapped the early strength of many raw material markets.
