Investing.com - Oil prices fell on Wednesday in Asia after an industry report showing an increase in U.S. crude stocks and after Saudi Arabia pledged to keep oil markets balanced
U.S. crude futures were down 0.9% at $62.58 by 12:51 AM ET (04:51 GMT). International Brent oil futures dropped 0.6% to $71.72.
Prices were pressured lower after the American Petroleum Institute reported late Tuesday that U.S. crude stockpiles rose by 2.4 million barrels last week, compared with analysts' expectations for a decrease of 599,000 barrels.
Official data from the U.S Energy Information Administration's oil stockpiles report is due later on Wednesday.
Oil prices also came under pressure after Saudi Arabia said it was committed to achieving balance and sustainability in the oil market.
Oil has swung between gains and losses this month as investors assessed conflicting signals from members of the Organization of Petroleum Exporting Countries and its allies.
Khalid Al-falih, the Saudi energy minister, indicated over the weekend that the kingdom will continue cutting output through the year-end at levels above compliance agreed by OPEC+.
In contrast, Russia's energy minister has said OPEC+ may need "to tweak" the current production deal when it meets next month were said to be pulling oil prices down.
Energy traders are also monitoring ongoing tensions between the U.S. and Iran, which have risen since the Trump administration re-imposed sanctions on the country's oil exports to try to strangle the country's economy and force Tehran to halt its nuclear program.