Oil eases on U.S. crude stock build but holds near five-month high | Reuters

Oil eases on U.S. crude stock build but holds near five-month high | Reuters:

Oil prices edged down on Wednesday after U.S. government data showed a surprise build in crude inventories, but futures held near their highest in almost five months as OPEC-led output cuts and sanctions on Iran tightened the supply outlook.

Brent futures settled at $69.31 a barrel, losing 6 cents. Their session high was $69.96, the strongest since Nov. 12, when they traded above $70.

U.S. West Texas Intermediate crude settled at $62.46 a barrel, falling 12 cents after briefly hitting $62.99, the highest since Nov. 7.