Singapore – Oil prices fell on Wednesday, erasing the previous sessions gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the worlds biggest oil user, which reignited worries about fuel demand.
US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 percent, to $74.53 a barrel, while Brent crude futures were down 62 cents, or 0.8 percent, at $79.48 a barrel.
US crude stocks jumped by 14.9 million barrels in the week ended Jan. 6, sources said, citing data from the American Petroleum Institute (API).
At the same time, distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels.