Oil prices traded near its lowest level in three months on Wednesday, after the Energy Information Administration (EIA) report showed an unexpected rise in crude supplies last week.
U.S. crude inventories increased 400,000 barrels in the week through July 3rd, following a 2.4 million barrels rise a week before. Analysts had penciled in a drop of 600,000 barrels.
Crude stockpiles rose, despite the strong demand that is supposed to stem from the summer-driving season.
Prices took a breather on Tuesday, before it resumed its drop today amid lingering concerns from Greece and hefty losses in Chinese shares.
Negotiations in Vienna between Iran and six world powers over the former’s nuclear program failed to see a breakthrough ahead of a self-imposed deadline of July 7th, where they have given themselves a chance to come up with an accord.
As of 15:22 GMT, crude oil trades at $51.65 a barrel, compared to the session’s opening at $52.88, while Brent crude trades lower at $56.80.