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Higher than expected oil stocks push prices down

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With Brent rising the past eight weeks and WTI climbing for the past 10 weeks, prices are starting to look overbought, analysts say

London — Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the US, the world’s largest oil consumer.

Crude oil inventories rose 2.3-million barrels in the week ending October 22, market sources citing American Petroleum Institute figures said late on Tuesday. That was more than the expectations for a 1.9-million barrel gain. “Barring more bullish headlines, which is possible considering what we saw yesterday, we could see some profit-taking in Brent and WTI, which would be healthy for the market,” said Craig Erlam, senior market analyst at Oanda.

 

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