Oil prices fell on Wednesday as a surprise increase in U.S. crude stockpiles and growing OPEC production fed worries that global supplies could swell, while investors continued to worry that trade tensions could hit energy demand.
U.S. crude ended the session down $1.10, or 1.6 percent, at $67.66, adding to the previous day's 2 percent loss. Brent crude, the global benchmark, dropped $1.87, or 2.5 percent, to $72.34 a barrel by 2:26 p.m. ET.
U.S. commercial crude inventories rose by 3.8 million barrels in the week through July 27, the government's Energy Information Administration reported. Analysts had expected a decrease of 2.8 million barrels.
The jump in the nation's crude stocks was largely due to a buildup in inventories in the Gulf Coast, as shipments from the export hub fell 50 percent from the previous week. The increase could prove temporary.