Oil prices retreat as US crude build, rate cut concerns come to the fore

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Oil prices fell at Asia's open on Monday, dragged down by a renewed focus on market fundamentals. Brent futures fell 54 cents, or 0.6%, to $86.75 a barrel. The front month U.S. West Texas Intermediate (WTI) crude contract for May fell 12 cents to $83.02 a barrel. U.S. crude inventories rose by 2.7 million barrels, nearly double analysts' expectations of a 1.4 million barrel rise. On Saturday, the U.S. House of Representatives passed an aid package for Ukraine and Israel containing measures that would let the federal government expand sanctions against Iran and its oil production. Iran is the third largest producer in OPEC. ANZ analysts said in a note that volatility in the Middle East will keep oil markets "jittery".

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https://finance.yahoo.com/news/oil-prices-retreat-us-crude-005038387.html