After an industry report showed an increase in U.S. crude and fuel inventories, oil fell on Wednesday after two sessions of gains.

Brent crude oil futures for November were down 54 cents, or 0.7%, to $73.16 per barrel at 08:10 GMT. U.S. crude oil futures for October slid 46 cents, or 0.7 percent, to $70.73. U.S. crude inventories increased by 1.96 million barrels in the week ended September 13. According to Reuters Ole Hansen of Saxo Bank, “Crude oil fell after a weekly increase in U.S. oil and fuel inventories, reported by the API, helped offset ongoing tensions in the Middle East.” Oil prices are rising due to supply shocks and the prospect of lower interest rates in the United States