Oil drops more than 1% as U.S. stockpiles sap rally | Reuters
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world's largest oil consumer.
Brent oil futures fell $1.01 cents, or 1.2%, to $85.39 a barrel by 1050 GMT after closing at the highest level in seven years on Tuesday.
West Texas Intermediate (WTI) futures were down $1.19, or 1.4%, at $83.46 after gaining 1.1% in the previous session.
Both benchmarks remain near multi-year highs and closed on Friday with a seventh straight weekly gain as major producers hold back supply and demand rebounds after the easing of pandemic restrictions.
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