Oil falls 4%, pressured by surprise U.S. crude, gasoline build | Reuters

Oil falls 4%, pressured by surprise U.S. crude, gasoline build | Reuters

Oil prices slid about 4% on Wednesday, with losses accelerating after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day (bpd).

Brent crude futures settled down $3.76, or 3.7%, at $96.78 a barrel. West Texas Intermediate (WTI) crude futures fell $3.76, or 4%, to $90.66. Both contracts had seesawed earlier in the session.

The premium for front-month Brent futures over barrels loading in six months' time is at a three-month low, indicating waning concern about tight supply. The same premium for WTI futures neared a four-month low.

U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said.