US inventories drop in oil prices

US inventories drop in oil prices
US inventories drop in oil prices

Oil prices fell yesterday after data showed crude inventories increased more than expected, while fuel stocks rose unexpectedly last week in the United States, the world’s largest oil consumer.

During trading, Brent crude futures fell 88 cents, or 1%, to $85.52, after recording the highest level at the close in 7 years, the day before yesterday.

US West Texas Intermediate crude fell 76 cents, or 0.9%, to $83.89 a barrel, after increasing by 1.1% in the previous session. Market sources said, citing data from the American Petroleum Institute yesterday, that US crude stocks increased by 2.3 million barrels during the week ending October 22.

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