Oil falls to four-month low on signs of increased US stockpiles

A crude oil storage facility in Oklahoma, US. Photo: Daniel Acker/Bloomberg

Paul Burkhardt and Yongchang Chin

Oil held near a four-month low as an industry report pointed to an increase in US crude stockpiles, adding to bearish sentiment compounded by OPEC+’s plan to boost supply.

Brent hovered around $78 (€72) a barrel after closing lower for a fifth session previously, while West Texas Intermediate neared $74.