World oil prices drops as data shows big build in United State inventory

Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply.

Brent crude futures fell 71 cents, or 0.9%, to $84.00 a barrel by 0450 GMT, after dropping to a session-low of $83.27 earlier.

U.S. West Texas Intermediate (WTI) crude futures tumbled $1.10, or 1.3%, to $82.81 a barrel, after dropping to a low of $82.26 earlier.

“Crude prices are declining after the API reported the sixth straight week of crude oil inventory builds and as the Biden administration exhausts every possible plea to OPEC+ members before tapping their Strategic Petroleum Reserve,” said Edward Moya, senior analyst at OANDA.