Brent crude oil futures slipped to $66.3 per barrel on Wednesday, ending a four-day rally as traders likely took profits amid a surprise rise in US crude inventories and renewed demand concerns.
Sentiment weakened after the American Petroleum Institute reported a 4.29 million barrel build in crude stockpiles last week—the largest increase since March if confirmed by official EIA data.
Meanwhile, gasoline and distillate inventories declined by 1.4 million and 3.7 million barrels, respectively, ahead of the summer driving season.
On the supply front, OPEC lowered its 2025 forecast for non-OPEC+ output growth to 800,000 barrels per day, down from 900,000 bpd, citing softer expectations for producers like the US. Additionally, OPEC+ production rose only slightly in April, increasing by 25,000 bpd versus a planned 138,000 bpd.
Still, the group is expected to further boost output following its June 1 meeting.