Oil falls on swelling U.S. stockpiles, Venezuela adds to market uncertainty
London - Oil prices fell on Wednesday after a rise in U.S. crude inventories, while an intensifying crisis in Venezuela and tightened U.S. sanctions on Iran added further uncertainty to markets. Brent crude oil futures were at $71.74 per barrel at 0855 GMT, down 32 cents or 0.44 percent from their last close. U.S. crude futures were down 49 cents or 0.77 percent at $63.42 per barrel. Trading was thin as May 1 is a holiday in many markets. U.S. crude stocks rose by 6.8 million barrels to 466.4 million barrels in the week to April 26, the American Petroleum Institute (API), an industry group, said on Tuesday. "U.S. oil stocks are swelling due to an upswing in crude inventories ... the glut alarm bells are ringing louder in the U.S.," PVM Oil Associates strategist Stephen Brennock said. Markets also keenly watched oil producer Venezuela, where opposition leader Juan Guaido called for an uprising against President Nicolas Maduro. Many observers fear this could lead to escalating violenc...
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