Oil falls with the growing concern of oversupply after an increase in US inventories

Oil falls with the growing concern of oversupply after an increase in US inventoriesOil prices fell by more than three percent on Thursday, heading toward its biggest weekly loss since January (January), with investors ignoring the conversations that OPEC may freeze production and focus instead on growing oversupply after an increase in crude stocks in the United States.
Traders said a report from the company Zhinskab market information of 714,282 barrels decreased appear in oil inventories in the US futures delivery point in Cushing, Oklahoma in the week ending on the thirtieth of August did not have a significant impact in boosting sentiment.
Instead, investors focused on the government data released on Wednesday show an increase of 2.3 million barrels in US crude stocks last week, more than double market expectations. Rose Distillate stocks, including diesel fuel and heating oil by about tenfold, according to expectations is shown by data from the US Energy Information Administration.