NNA – Oil prices fell for a second day on Wednesday after a surprise rise in U.S. crude inventories stoked demand concerns on the heels of weaker-than-expected economic data from the United States and China, the world#39;s two biggest oil consumers.
Brent crude futures slipped 49 cents, or 0.7%, to $74.42 a barrel. U.S. West Texas Intermediate crude was down 55 cents, or 0.8%, to $70.84 at 0657 GMT.
quot;Crude prices remain heavy as energy traders just can#39;t shake off global demand concerns. It doesn#39;t matter how upbeat everyone is for China#39;s second half of the year, the current situation is too disappointing,quot; said Edward Moya, an analyst at OANDA.
U.S. crude stockpiles rose by about 3.6 million barrels in the week ended May 12, according to market sources citing American Petroleum Institute figures. Seven analysts polled by Reuters, had expected a 900,000 barrel drawdown.
U.S. government data on crude and product stockpiles is due at 1430 GMT.
The crude inventory build added to concerns about U.S. growth after data showed retail salesnbsp;rosenbsp;0.4% in April, short of estimates for an increase of 0.8%.–REUTERS
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