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Oil prices dip on U.S. crude stock build, supply worries cap losses

NNA - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, though supply worries capped losses. Brent crude futures for December fell $1.03, or 1.1%, to $92.49 a barrel by 0635 GMT, after settling 26 cents higher in the previous session.

U.S. West Texas Intermediate (WTI) crude futures for December were down 75 cents, or 0.9%, to $84.57, reversing the previous session's gain.

"The prospect of a global economic slowdown and tighter monetary policy has been outweighing the spectre of supply reductions in recent weeks," ANZ Research analysts said in a note.

U.S. crude inventories rose by about 4.5 million barrels in the week ended Oct. 21, according to market sources citing figures from the American Petroleum Institute, an industry group.

That was higher than expectations from five analysts polled by Reuters, who on average had expected a build of about 200,000 barrels.—Reuters 

 

 

 

=============R.H.

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