Crude Oil Fell by 1% Post Data

Oil prices fell on Wednesday, October 27, after an increase in crude and fuel stocks in America, which is the largest consumer of oil and its derivatives in the world.

US West Texas Intermediate crude futures fell 1.2% to $83.6 a barrel, after closing up 1.1% in the previous session. Brent crude futures were not better than the previous one, as they also fell by 1% to $85.47 a barrel, after closing at a 7-year high on Tuesday.

Market sources told Reuters, citing data from the American Petroleum Institute, that US crude stocks rose by 2.3 million barrels in the week ending October 22.

Gasoline stocks increased by 500,000 barrels, while distillate stocks recorded an increase of one million barrels.

Brent and US crude have retreated from their highest closing levels since October 2014, which they hit in the previous session.