Oil prices fall on weak Asian industry data and rise in US crude stocks

Tokyo

OIL prices fell on Wednesday as weak Chinese and Japanese industrial data triggered concerns of an economic slowdown that could lower oil demand, and as an industry data report showed an increase in US crude stockpiles amid soaring output.

US West Texas Intermediate crude was down 31 cents, or 0.5 per cent, at US$62.70 a barrel by 0446 GMT, after falling 90 cents in the previous session. Brent crude was down 40 cents, or 0.6 per cent, at US$66.23 a barrel.