Oil Prices Slump on Crude Increases

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer.

Brent oil futures fell 1.42%, or $1.28, to trade at $85.12 U.S. a barrel after closing at the highest in seven years on Tuesday.

West Texas Intermediate futures declined $1.36, or 1.6%, to $83.28 U.S. a barrel after gaining 1.1% in the previous session.

Crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, market sources citing American Petroleum Institute figures said late on Tuesday. That was more than the expectations for a 1.9-million-barrel gain.

Gasoline inventories rose by 500,000 barrels and distillate stocks increased by one million barrels, compared with a forecast for both to drop.