SEOUL- Oil prices fell on Wednesday as data showed an increase in US crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery of demand.
Brent crude futures were down 89 cents, or 2.2 percent, at $40.07 a barrel, and US West Texas Intermediate (WTI) futures fell $1.13, or 2.9 percent, to $37.25 a barrel.
Both benchmarks rose more than 3 percent on Tuesday, after the International Energy Agency (IEA) raised its 2020 oil demand forecast to 91.7 million barrels per day (bpd) and US retail sales posted a record jump in May.
The rise in US crude and fuel inventories, however, stoked concerns about a surplus and pressured oil prices, as the number of coronavirus infections surpassed 8 million globally and several US states saw their case numbers spike.
