Oil prices fall more than 1% after US fuel inventories build

[NEW YORK] Oil futures fell more than 1 per cent on Wednesday, extending a more than 3 per cent drop in prices the previous session, after US government data showed large builds in refined product stockpiles.

While data on Wednesday from the US Energy Information Administration showed a larger-than-expected drawdown in crude stockpiles last week, large builds in refined product inventories kept prices lower. Crude production was disrupted last week by Storm Barry, which came ashore on Saturday in central Louisiana as a Category 1 hurricane. More than half of daily crude production in the Gulf of Mexico remained offline on Tuesday, the Bureau of Safety and Environmental Enforcement said, as most oil companies were re-staffing facilities to resume production.

Oil prices slumped on Tuesday on increased hopes for a return of Iranian crude to the global oil market after US President Donald Trump said progress had been made with Tehran, signalling tensions could ease in the Middle East.

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