· Oil prices fall as data shows big build in U.S. inventory
Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.
Brent crude futures fell 71 cents, or 0.9%, to $84.00 a barrel by 0450 GMT, after dropping to a session-low of $83.27 earlier.
U.S. West Texas Intermediate (WTI) crude futures tumbled $1.10, or 1.3%, to $82.81 a barrel, after dropping to a low of $82.26 earlier.
OPEC+ meets on Thursday to review its policy and is expected to reconfirm plans for monthly increases. read more
U.S. crude and distillate fuel stocks rose last week while gasoline declined, according to market sources citing American Petroleum Institute figures on Tuesday.
Crude stocks rose by 3.6 million barrels for the week ended Oct. 29. Gasoline inventories fell by 552,000 barrels and distillate stocks rose by 573,000 barrels, the data showed, according to the sources, who spoke on condition of anonymity.
Analysts polled by Reuters had expected crude oil inventories to have risen last week.
Data from the U.S. Energy Information Administration, the statistical arm of the U.S. Department of Energy, will be released later on Wednesday.
In a sign that high prices are encouraging more supply elsewhere, BP said on Tuesday it will ramp up investments in its onshore U.S. shale oil and gas business to $1.5 billion in 2022 from $1 billion this year.
Reference: Reuters
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