Oil prices succumbed to fresh selling pressure in midweek amid a weaker demand outlook and surging US inventories and production.
Expectations of prolonged output cuts by Opec and allies had underpinned sentiment earlier in the week, but pessimism set in amid doubts about Russia’s further commitment to coordinated output curbs.
Futures extended losses on Wednesday after the US Energy Information Administration (EIA) reported crude inventories climbing by 2.2
