Oil prices fall after increase in U.S. crude, fuel stockpiles

A TORC Oil & Gas pump jack is seen near Granum, Alberta, Canada May 6, 2020. (Reuters photo)

SULAIMANI (ESTA) — Oil prices dropped on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States.

Brent oil futures fell $1 to $85.40 a barrel at 07:01 GMT after closing at the highest in seven years on Tuesday.

U.S. West Texas Intermediate (WTI) futures dropped $1.07 to $83.58 per barrel after gaining 1.1% in the previous session.

Market sources citing American Petroleum Institute figures said crude oil inventories rose 2.3 million barrels in the week ending October 22, according to Reuters.

Gasoline inventories rose by 500,000 barrels and distillate stocks increased by 1 million barrels, Reuters said.

“Barring more bullish headlines, which is possible considering what we saw yesterday, we could see some profit-taking in Brent and WTI which would be healthy for the market,” Craig Erlam, senior market analyst at OANDA, told Reuters.

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