Oil dips as U.S. stocks rise; prospect of OPEC action supports - Reuters

Oil dips as U.S. stocks rise; prospect of OPEC action supports - Reuters:

Oil prices declined on Wednesday, holding below $60 a barrel on data showing a bigger-than-expected rise in U.S. crude stocks, but the prospect of deeper output cuts by OPEC and its allies offered support.

Brent crude futures LCOc1 were down 25 cents, or 0.43%, to $59.45 a barrel at 0834 GMT.

West Texas Intermediate (WTI) crude futures CLc1 for December delivery fell 32 cents, or 0.59%, to $54.16 per barrel. The November contract expired on Tuesday at $54.16.

U.S. crude stocks rose by 4.5 million barrels to 437 million barrels in the week ended Oct. 18, compared with analysts’ expectations for a gain of 2.2 million barrels, data from industry group the American Petroleum Institute showed.