WASHINGTON (dpa-AFX) - Crude oil futures tumbled Wednesday after the government confirmed a surprise build in U.S. oil inventories.
The Energy Information Administration (EIA) reported a build of 1.6 million barrels for the week ending March 23.
Yesterday, industry watcher The American Petroleum Institute (API) reported a more significant build of 5.321 million barrels of U.S. crude oil inventories.
Although crude oil stockpiles rose, both organizations reported declining gasoline inventories. That may suggest future demand for crude oil from refineries ahead of the summer driving season.
WTI light sweet oil was down 95 cents at $64.30 a barrel.
OPEC and Russia are considering a plan to extend their supply quotas beyond 2018 and up to the middle of next year, according to Bloomberg citing Iraq's Oil Minister Jabbar al-Luaibi.
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