Oil slips after unexpected build in US crude stocks

Oil fell in early Asian trade on Wednesday, paring two straight days of gains after an industry report showed US crude inventories rose unexpectedly last week in a sign fuel demand may be weakening.

Brent futures, which have risen more than 3 per cent this week, were down 48 cents, or 0.6 per cent, at $74.84 a barrel at 0203 GMT. US West Texas Intermediate (WTI) crude futures were down 47 cents, or 0.7 per cent, at $69.20.

Data from the American Petroleum Institute on Tuesday showed US crude inventories rose by about 3.3 million barrels in the week ended March 17, sources said.