Oil prices slip as U.S. inventories rise, despite OPEC's slow road to adding supply | Reuters

Oil prices slip as U.S. inventories rise, despite OPEC's slow road to adding supply | Reuters

Oil prices slipped on Wednesday after U.S. crude inventories rose by more than anticipated, even as OPEC plans to maintain its deliberate approach to adding supply to the market.

U.S. crude stockpiles rose by 4.6 million barrels last week, exceeding expectations, boosted by a rebound in output as offshore facilities shut in by two U.S. Gulf hurricanes resumed activity.

Brent crude settled down 45 cents to $78.64 a barrel, after reaching $80 on Tuesday. U.S. oil prices ended down 46 cents, or 0.6%, to $74.83 a barrel.

The market was also pressured by strength in the U.S. dollar, which hit a one-year high against a basket of other major currencies. Since oil is transacted in dollars, strength in the U.S. currency makes the commodity more expensive worldwide.