Oil prices fell on Wednesday, erasing the previous session’s gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world’s biggest oil user, which reignited worries about fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8%, to $74.53 a barrel at 0134 GMT, while Brent crude futures were down 62 cents, or 0.8%, at $79.48 a barrel.
U.S. 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. Analysts polled by Reuters expected crude stocks to fall by 2.2 million barrels and distillate stocks to drop by 500,000 barrels.
