London/Seoul — Oil prices fell on Wednesday, pulled down by a larger-than-expected build in US crude stocks and weak eurozone economic figures, after gaining for three sessions on expectations of an easing in US-China trade tensions.
US crude inventories rose by 4.3-million barrels in the week ended November 1 to 440.5-million barrels, the American Petroleum Institute said on Tuesday. That was nearly triple analysts’ forecast for an increase of 1.5-million barrels.“Oil prices are slightly under pressure following API’s larger-than-expected crude build on Tuesday.
Data on Wednesday showed that Germany’s services sector barely grew in October, while eurozone business activity expanded slightly faster than expected in October, but remained close to stagnation. Last year, US President Donald Trump exited the deal and renewed sanctions on Tehran, slashing Iran’s economically vital crude oil sales by more than 80%.