Oil fell on Wednesday after gaining over 1% in the previous session as U.S. industry data showed a bigger-than-expected build in crude stockpiles, but the possibility of deeper output cuts from OPEC and its allies contained the decline.

Brent crude futures dropped 50 cents, or 0.84%, to $59.22 a barrel.

West Texas Intermediate (WTI) crude futures for December delivery, the new front-month contract, fell 57 cents, or 1%, to $53.90 per barrel. The November contract expired on Tuesday at $54.16.

U.S. crude stocks rose by 4.5 million barrels to 437 million barrels in the week ended Oct. 18, compared with analysts’ expectations for a gain of 2.2 million barrels, data from industry group the American Petroleum Institute showed.

Inventory data from the U.S. Energy Information Administration (EIA) is due later on Wednesday.

Source: CNBC