Oil mixed as hopes OPEC+ delays supply increase offset demand concerns

Oil prices were mixed on Wednesday as a bigger-than-expected build in US crude stocks and weaker US retail sales stoked fears over fuel demand, although hopes that OPEC and its allies will delay a planned rise in oil output lent support.

Brent crude futures for January rose 3 cents, or 0.1%, to $43.78 a barrel by 0430 GMT, while US West Texas Intermediate crude for December eased 3 cents, or 0.1%, to $41.40 a barrel.

The American Petroleum Institute (API) said on Tuesday that US crude stockpiles rose by 4.2 million barrels last week, well above analysts’ expectations in a Reuters poll for a build of 1.7 million barrels.

“The API crude inventories rose much higher than expected, which added to pressure,” said Jeffrey Halley, senior market analyst at OANDA.