Oil slips after U.S. inventory build, but possible OPEC cuts support market


Oil slips after U.S. inventory build, but possible OPEC cuts support market

Oil slipped on Wednesday after U.S. industry data showed a bigger-than-expected build in crude stockpiles, but possible deeper production cuts coming from OPEC and its allies prevented a further slide in prices.

International benchmark Brent crude futures dropped 28 cents, or 0.47%, to $59.42 a barrel by 0123 GMT on Wednesday. West Texas Intermediate (WTI) crude futures fell 40 cents, or 0.73%, to $54.08 per barrel.

U.S. crude stocks rose by 4.5 million barrels to 437 million barrels in the week ended Oct. 18, compared with analyst 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. Read more

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