Oil prices fell on Wednesday as higher US crude inventories reinforced concerns of oversupply, though looming US sanctions on Russian oil limited losses. Brent crude eased 22 cents, or 0.3 per cent, to $64.67 a barrel, while U.S. West Texas Intermediate (WTI) declined 17 cents, or 0.3 per cent, to $60.57 a barrel. Industry sources cited American Petroleum Institute data showing US crude stocks rose by 4.45 million barrels in the week to 14 November, with gasoline up 1.55 million barrels and distillates increasing 577,000 barrels. Analysts said the report was bearish, but market attention remains on potential supply risks. Sanctions on Russian producers Rosneft and Lukoil, effective 21 November, are expected to curb Russian exports, prompting buyers in China and India to seek alternatives. While Russian supply concerns and rising European diesel margins have supported prices, analysts noted that persistent global oversupply continues to restrain gains. Official US inventory data is due later on Wednesday, with analysts forecasting a modest decline of around 600,000 barrels. Attribution: Reuters
