Oil falls after US crude and fuel inventories increase

Oil prices fell today, Wednesday, after data showed an increase in crude and fuel stocks in the United States, the largest consumer of oil and its derivatives in the world.
US West Texas Intermediate crude futures fell 26 cents, or 0.3 percent, to $84.39 a barrel, after closing up 1.1 percent in the previous session.
Brent crude futures were not better than the previous one, as they also fell 25 cents, or 0.3 percent, to $ 86.15 a barrel, after closing at their highest level in seven years on Tuesday.
Market sources said, quoting data from the American Petroleum Institute, on Tuesday, that US crude stocks rose by 2.3 million barrels during the week ending on October 22, according to “Reuters”.
Gasoline stocks increased by 500,000 barrels, while distillate stocks recorded an increase of one million barrels.
Brent and US crude fell from their highest closing levels since October 2014, which they recorded in the previous session.
Goldman Sachs said a strong recovery in global oil demand could push Brent prices beyond its year-end forecast of $90 a barrel.

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