Oil prices fell on Wednesday by 1%, 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.
By 1400 GMT, Brent crude futures fell 88 cents, or 1%, to $85.52 a barrel, after hitting a seven-year closing high on Tuesday.
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.
The US Energy Information Administration said Wednesday that crude oil inventories in the United States rose, while gasoline and distillate inventories fell last week.
The administration added that US crude stocks rose 4.3 million barrels in the week ending October 22 to 430.8 million barrels, compared with analysts’ expectations in a Reuters poll for an increase of 1.9 million barrels.
And the government agency said that crude stocks at the delivery center in Cushing, Oklahoma, fell by 3.9 million barrels during the past week. Crude consumption in refineries rose 0.4 percentage points.
Gasoline stocks fell by two million barrels to 215.8 million barrels, compared to analysts’ expectations for a decline of 1.9 million barrels.
Energy Information Administration data showed that distillate stocks, which include diesel and heating oil, fell 432,000 barrels to 125 million barrels, compared to expectations for a 2.3 million barrel decline. Net US crude imports increased by 702,000 barrels per day.
Market sources said, citing data from the American Petroleum Institute, on Tuesday, that US crude inventories rose by 2.3 million barrels during the week ending on October 22.
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. And he said Goldman Sachs Bank A strong recovery in global oil demand could push Brent prices to exceed its year-end forecast of $90 a barrel.
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