Oil falls after industry data points to jump in US crude stocks

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Oil prices slipped in early Asian trade on Wednesday after falling by more than $1 a barrel in the previous session as industry data pointed to a much bigger-than-expected surge in U.S. crude inventories.Brent crude futures lost 20 cents to $85.38 per barrel by 0111 GMT, while U.S. West Texas Intermediate

Oil prices slipped in early Asian trade on Wednesday after falling by more than $1 a barrel in the previous session as industry data pointed to a much bigger-than-expected surge in U.S. crude inventories.

U.S. crude inventories rose by about 10.5 million barrels in the week ended Feb. 10, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline stocks rose by about 846,000 barrels, while distillate stocks rose by about 1.7 million barrels, according to the sources, who spoke on condition of anonymity.Also weighing on crude prices was a U.S. Department of Energy announcement this week that it would sell 26 million barrels of oil from the nation's strategic reserve, which is already at its lowest level in roughly four decades.

 

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