Oil fell towards $75 a barrel to its lowest since late August on Wednesday, pressured by concern that demand is weakening and supply ample even as U.S. sanctions loom on oil exporter Iran.

In a sign supply is plentiful, industry group the American Petroleum Institute said on Tuesday U.S. crude stocks had risen by 9.9 million barrels – more than forecast. The U.S. government’s supply report is due at 1430 GMT.

Brent crude, the global benchmark, was down $1.28 to $75.16 a barrel at 0855 GMT. It fell earlier to $75.11, the lowest since Aug. 24. U.S. crude dropped 30 cents to $66.13.

Source: Hellenic Shipping News