India, June 18 -- Oil prices fell on profit taking Wednesday, after climbing close to a five-month high on concerns about potential disruptions to Iran's crude oil exports.
Helping limit losses, the American Petroleum Institute (API) said in a report that U.S. crude oil inventories declined significantly during the week ended June 13.
Benchmark Brent crude futures fell 1.1 percent to $75.62 a barrel in European trade after rallying 4.4 percent to reach their highest level since February in the previous session.
WTI crude futures were down 1 percent at $72.57 after surging 4.3 percent on Tuesday to reach their highest level since January.
Demand concerns resurfaced after the International Energy Agency predicted that annual demand growth...