21st October 2015
Oil prices fell on Wednesday after data showed a bigger-than-expected build in US crude stockpiles.
US light crude fell by more than one per cent to just above $45 a barrel as the figures fuelled concerns about oversupply in the market.
Brent crude, the global benchmark, fell to $48.50 following the report from the American Petroleum Institute.
It said that commercial crude stocks rose by 7.1 million barrels to 473 million barrels last week, which was well ahead of industry expectations.
Oil traders are now looking ahead to Wednesday’s official inventory data from the US Energy Information Administration, which is expected to show a build in stocks for a fourth straight week.
The stockpile build points to weak demand in the market, as industry research group Baker Hughes reported that the number of rigs drilling for oil in the US has decreased for seven straight weeks.
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