Oil prices were down on Wednesday after industry data showed US crude inventories unexpectedly rose, adding concerns about a global supply glut amid a surge in global COVID-19 infections. Crude stockpiles rose by 584,000 barrels in the latest week to about 490.6 million barrels, beating market consensus of a draw of 1 million barrels. Tuesday saw worldwide virus cases topped 40 million, with some parts of Europe imposing renewed lockdown measures. Losses were limited, however, by optimism that a deal on COVID-19 stimulus may be within reach as Washington and Democrats reportedly made progress Tuesday. Negotiations will continue later in the day, according to an aide to House Speaker Nancy Pelosi. At around 04:00 AM GMT, WTI crude fell by 0.5% to $41.48 a barrel, while Brent crude dropped 0.6% to $42.91 a barrel. Both benchmarks gained in the previous session.
