Oil prices dip as supply concerns resurface on rising U.S. stocks

Oil prices reversed course to edge lower on Wednesday as a higher than expected rise in US inventories refocused investors on the risk of oversupply amid a coronavirus-driven slump in fuel demand.

WTI crude futures fell 27 cents, or 1.1%, to $24.29 a barrel by 04:36 GMT, snapping a five-day winning streak.

Brent crude futures dipped 20 cents, or 0.7%, to $30.77 a barrel, ending a six-day rise, Reuters reported.

Oil slipped after a report showed U.S. crude inventories rose 8.4 million barrels last week, more than expected, according to data from the American Petroleum Institute(API) late on Tuesday.