Oil prices fall on U.S. stock rise, higher supply - Oil benchmark Brent crude hit a three-month low on Wednesday after a rise in U.S. crude inventories highlighted increasing global supply and concerns over weak demand. Oil markets have fallen over the last week as Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries and Russia increased production and as some supply disruptions eased. "The correction in the oil price represents something of a convergence between fundamentals and physical realities," said David Reid, lead crude market analyst at consultancy JBC Energy. "We expect a fairly rapid lengthening in the (global oil supply) balance," Reid added. The U.S. oil market has been tight this year but data on Tuesday from the American Petroleum Institute showed an unexpected rise of over 600,000 barrels in crude inventories.
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