Crude Oil prices fell on Wednesday for the second day, as Brent crude futures slipped 49 cents to trade at $74.42 a barrel, while U.S. West Texas Intermediate crude (WTI) was down 55 cents to sell at $70.84.
Crude prices remain heavy as energy traders failed to shake off global demand concerns.
The crude inventory build added to concerns about U.S. growth after data showed retail sales rose 0.4% in April, short of estimates for an increase of 0.8%.
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Meanwhile, Asian shares fell, as dollar hovered around a five-week peak.
Also, investors remained risk averse, with the U.S. debt ceiling talks and a mixed set of economic data weighing on sentiment.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.09% in choppy trading, with Australia’s S&P/ASX 200 index down 0.45%.
Futures indicated European stocks were set for a lower open, with Eurostoxx 50 futures down 0.14%, German DAX futures down 0.02%, and FTSE futures down 0.17%.
Shanghai Composite Index eased 0.23% while Hong Kong’s Hang Seng Index slid 0.55%, dragged by China
Japan’s Nikkei, however, rose 0.68%, scaling above 30,000 for the first time since September 2021.
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The index has been on a tear and is up 15% this year as foreign investors piled in amid reports billionaire investor Warren Buffett was considering more investment in Japanese stocks.
