Oil prices slipped in early trade on Wednesday after industry data showed a surprise build in US crude stocks, while investors awaited US inflation data for April that could give direction for the Federal Reserves next rate decision.
Brent crude dropped 16 cents to $77.28 a barrel, while US West Texas Intermediate (WTI) crude dipped 20 cents to $73.51, paring gains from the previous session.
In a possible sign of weakening demand, US crude inventories rose by about 3.6 million barrels in the week ended May 5, while gasoline stockpiles rose by 399,000 barrels, the American Petroleum Institute reported on Tuesday according to market sources.
US government data on oil inventories is due on Wednesday.
Source: Qatar News Agency