WASHINGTON (dpa-AFX) - Oil prices fell over 1 percent on Wednesday after the American Petroleum Institute (API) reported a surprise crude oil inventory build of 3.66 million barrels of U.S. inventories for the week ending August 11, compared to analyst expectations for a draw of 2.499 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6-million barrels, the API said.
Investors await official U.S oil inventory data from the Energy Information Administration later in the day for further direction.
Traders also remain concerned by a darkening global economic outlook amid growing geopolitical tensions and escalating rhetoric in the trade conflict between the United States and its major trade partners.
Global benchmark Brent crude oil was down 73 cents or over 1 percent at $71.73 a barrel while U.S. light crude futures were down 92 cents or 1.37 percent at $66.12 a barrel.
Copyright RTT News/dpa-AFX