Oil prices fell due to increased crude oil and gasoline stockpiles in the US, despite record high output in the world’s largest producer and strong demand from China.

The American Petroleum Institute’s numbers showed increased crude oil and gasoline stockpiles last week, indicating solid US crude supplies.

China’s industrial output accelerated and retail sales growth exceeded estimates, boosting demand.

The International Energy Agency and OPEC+ raised oil demand growth expectations for this year, but hesitancy is winning out.

The US dollar fell to a 2-1/2 month low due to lower inflation data, and the EU agreed to limit methane emissions from oil and gas imports from 2030.