SINGAPORE : 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.
"Crude oil lower as pressure mounted on OPEC to boost output. U.S. President Biden led calls from major economies for the group to increase production beyond what has already been agreed," analysts from ANZ said in a note on Wednesday. U.S. crude and distillate fuel stocks rose last week while gasoline declined, according to market sources citing American Petroleum Institute figures on Tuesday. [API/S]
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