Oil drops 1% as U.S. stockpile rise saps rally | Reuters
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.
Brent oil futures fell 94 cents, or 1.1%, to $85.46 a barrel by 0654 GMT after closing at the highest in seven years on Tuesday.
West Texas Intermediate (WTI) futures declined $1.02, or 1.2%, to $83.63 a barrel after gaining 1.1% in the previous session.
Crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, market sources citing American Petroleum Institute figures said late on Tuesday. That was more than the expectations for a 1.9 million barrel gain.
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