NEW YORK: Oil prices fell about 1 per cent on Wednesday after data from the Energy Information Administration showed a surprise build in US crude stockpiles.
US crude inventories rose 1.6 million barrels last week, compared with analysts’ expectations for a decrease of 287,000 barrels, as net imports soared by 1.1 million barrels per day, the EIA said. Stocks at the Cushing, Oklahoma, delivery hub for US crude futures also rose 1.8 million barrels.
June Brent crude futures were down 72 cents at $68.74 barrel by 1445 GMT, while the May contract, which expires on Thursday, fell 59 cents to $69.52.
West Texas Intermediate crude futures for May delivery fell 91 cents to $64.34, a 1.4 percent loss.
Published in Dawn, March 29th, 2018