Oil prices fell to around $40 per barrel in early trading on Wednesday after reports that American Petroleum Institute (API) statistics showed U.S. crude stocks had risen sharply—confounding analyst’s expectations.
Market prices for Brent and West Texas International (WTI) hit three-month highs on Monday—with WTI prices creeping briefly above the $40 mark after Brent fell to a 21-year record low of $16 per barrel and WTI future prices briefly turned negative in April.
