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Oil prices fall as industry data shows big build in U.S. inventory

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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 by 98 cents, or 1.2%, to $83.74 a barrel by 0034 GMT, while U.S. West Texas Intermediate crude futures tumbled by $1.32, or 1.6%, to $82.59 a barrel.

President Joe Biden, speaking at a climate summit in Glasgow, blamed a surge in oil and gas prices on a refusal by OPEC nations to pump more crude.U.S. crude and distillate fuel stocks rose last week while gasoline declined, according to market sources citing American Petroleum Institute figures on Tuesday.

 

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