U.S. crude oil inventories rose more than expected last week, the Energy Information Administration said in its weekly report on Wednesday.
The EIA data showed that crude oil inventories rose by 6.5 million barrels in the week to October 12.
That was compared to forecasts for a stockpile build of 1.6 million barrels, after a build of almost 6 million barrels in the previous week.
The EIA report also showed that gasoline inventories fell by 2.0 million barrels, compared to expectations for a draw of 1.07 million barrels, while distillate stockpiles dropped by 0.8 million barrels, compared to forecasts for a decrease of 1.3 million.
London-traded Brent crude futures were off 1.84% to $79.91 a barrel by 10:33 AM ET (14:33 GMT) from their last close.
U.S. crude prices were trading down 2.41% to $70.19 a barrel.
Prior to the release, oil prices were headed lower after three straight sessions of gains as the debate continues over the impact of the scandal surrounding the disappearance of Saudi critic and journalist Jamal Khashoggi, who disappeared two weeks ago after entering the Saudi consulate in Istanbul.
Source : Investing