Oil falls to near 4-week low after big build in U.S. inventories
Oil prices fell to a near four-week low on Wednesday, after U.S. crude stocks rose more than expected, as gasoline inventories in the world's largest oil consumer hit a four-year low.
Brent crude futures fell $2.73, or 3.2%, to settle at $81.99 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $3.05, or 3.6%, to settle at $80.86.
That was the biggest daily percentage declines for both benchmarks since early August and the lowest closes for Brent since Oct. 7 and WTI since Oct. 13.
Weekly crude stocks rose more by 3.3 million barrels, more than expected, but gasoline stocks fell to their lowest level since November 2017. U.S. oil market supply has tightened, with stocks at the Cushing, Oklahoma storage hub at their lowest in three years.
The U.S. Federal Reserve, as expected, said it will commence tapering asset purchases this month. Traders said that could sap some speculative buying in risk assets including oil.
Reference: CNBC
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