Oil slips after API data shows U.S. inventory build-up | Reuters
Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.
Brent crude futures were down $1.38, or 1.6%, to $83.34 a barrel at 0950 GMT. U.S. West Texas Intermediate (WTI) crude futures tumbled $1.60, or 1.9%, to $82.31 a barrel.
"Crude prices are declining after the API reported the sixth straight week of crude oil inventory builds and as the Biden administration exhausts every possible plea to OPEC+ members before tapping their Strategic Petroleum Reserve," said Edward Moya, senior analyst at OANDA.
President Joe Biden, speaking at a climate summit in Glasgow, blamed a surge in oil and gas prices on a refusal by OPEC nations to pump more crude.
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