Doha: Oil prices fell for a second consecutive session on Wednesday amid growing concerns over a potential supply surplus, driven by rising crude and fuel inventories. Brent crude futures were down 13 cents, or 0.21%, at $62.32 a barrel, after falling 1.1% in the previous session. US West Texas Intermediate crude lost 12 cents, or 0.20%, to trade at $58.52 a barrel, after dropping 1.2% on Tuesday.

According to Qatar News Agency, the American Petroleum Institute reported on Tuesday that US crude and fuel inventories rose last week. This increase in stockpiles has fueled worries among investors and traders about a potential oversupply in the market, which has put downward pressure on oil prices for two straight days.