Oil Updates — Crude falls; Chevron’s first cargo of Venezuelan oil after license departs for US

RIYADH: Oil prices fell on Wednesday as an unexpected build in crude and fuel inventories in the US, the world’s biggest oil consumer, and economic uncertainty reignited demand worries.

US West Texas Intermediate crude futures decreased by 68 cents, or 0.91 percent, to $74.44 a barrel at 09.15 a.m. Saudi time, while Brent crude futures fell by 66 cents, or 0.82 percent, at $79.44 a barrel.

Both contracts rose during trading on Monday and Tuesday, rebounding from a sharp selloff in the first week of 2023.

Russia’s oil output stable