Oil prices settled down just over 1 per cent on Wednesday after U.S. data showed surprisingly large build in gasoline and diesel inventories, swelling fuel supplies with OPEC+ planning more output and trade tensions clouding the energy demand outlook.
Brent crude futures closed down 77 cents, or 1.2 per cent, at US$64.86 a barrel. U.S. West Texas Intermediate crude settled 56 cents, or 0.9 per cent lower at US$62.85.
U.S. gasoline stocks swelled by 5.2 million barrels, the Energy Information Administration said. Analysts polled by Reuters had expected a rise of 600,000 barrels.
Distillate stockpiles rose by 4.2 million barrels compared with expectations for a rise of 1 million barrels.
Crude inventories dropped by 4.3 million barrels. Analysts polled by Reuters had expected a draw of 1 million barrels.
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“The report is in my view bearish, due to large builds …