Oil prices slip on surprise build in U.S. crude stocks | Reuters

Oil prices slip on surprise build in U.S. crude stocks | Reuters

Oil prices were lower on Wednesday after industry data showed a surprise build in U.S. crude stocks last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut.

Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the American Petroleum Institute (API) reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll.

API data showed refinery crude runs fell by 2.2 million bpd.

Brent crude futures slipped by 6 cents, or 0.1%, to $65.31 a barrel at 0748 GMT, but narrowed losses earlier in the session that sent it to as low as $64.80.

U.S. West Texas Intermediate (WTI) crude futures were down 29 cents or 0.5% at $61.38 a barrel, after trading as low as $60.97 earlier on Wednesday.