US prices fell more than 1 per cent on Wednesday after crude inventories in the United States soared more than expected to their highest since September 2017 as production hit a new record of 12.3 million barrels per day.
The declines were somewhat tempered by the intensifying crisis in Venezuela, with the fall in the global Brent benchmark more muted.
Brent crude oilNSE 1.82 % futures were down 42 cents, or 0.6 per cent, to $71.64 a barrel by 11:16 a.m. EDT (1516 GMT). US crude futures fell 83 cents, or 1.3 per cent, to $63.08 a barrel.
