Oil prices fall 1% after surprise US storage build | Reuters

Oil prices fall 1% after surprise US storage build | Reuters

Oil prices fell nearly a dollar a barrel on Wednesday after a surprise jump in U.S. crude stockpiles raised worries about demand in the largest oil market.

U.S. West Texas Intermediate crude futures fell 87 cents, or 1.2%, to $71.37 a barrel. Global benchmark Brent crude oil futures settled 79 cents, or 1%, to $76.80 a barrel.

Prices had gained more than 1% early in the session but reversed course after the U.S. Energy Information Administration reported a surprise build in crude oil stockpiles and larger-than-expected jumps in storage of gasoline and distillates.