Oil settles 1% lower after U.S. data shows large builds in fuel stocks [Video]

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.

Wildfire smoke map: Which parts of Canada are under air quality warnings?

Oil climbs 2% to two-week high on geopolitical tensions

“The report is in my view bearish, due to large builds …