LONDON, April 25: Oil prices fell on Wednesday, reversing earlier gains after US data revealed a rise in crude stockpiles and a drop in durable goods orders, as traders awaited the outcome of a Federal Reserve meeting.

New York’s main contract, light sweet crude for delivery in June, dipped 18 cents to $103.37 a barrel.

Brent North Sea crude for June dropped 30 cents to $117.86 a barrel in late London deals.

The US Department of Energy said crude stockpiles climbed by a bigger-than-expected four million barrels last week in the United States, the world’s biggest consumer of oil — highlighting current weak energy demand.

Traders said oil prices were also dampened by plunging new orders for US durable goods amid a sharp drop in commercial aircraft orders.

New orders of durable goods  tumbled 4.2 per cent in March from February, the Commerce Department reported.—AFP