Oil falls as U.S. crude inventories jump unexpectedly | Reuters

Oil falls as U.S. crude inventories jump unexpectedly | Reuters:

Oil futures fell more than $2 a barrel on Wednesday after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook. 

Brent crude futures LCOc1 were down $1.96 a barrel at $70.50 a barrel by 11:07 a.m. EDT [1507 GMT]. The contract earlier touched $70.40 a barrel. U.S. crude futures CLc1 fell $2.22 to $64.82 a barrel.

U.S. crude inventories rose unexpectedly last week USOILC=ECI, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high, the Energy Information Administration’s data showed. Crude stocks at the Cushing, Oklahoma USOICC=ECI, delivery hub for U.S. crude futures rose 1.6 million barrels.