WASHINGTON (dpa-AFX) - Oil prices were sharply lower on Wednesday as the U.S. increased pressure on OPEC+ to boost supplies and industry data pointed to a big build in crude oil and distillate stocks in the United States.
Also, risk appetite took a hit after new locally transmitted COVID-19 cases in China spiked to a near three-month high and Premier Li Keqiang warned of economic downward pressure.
Brent crude futures for January delivery fell 1.4 percent to $83.55 a barrel, while West Texas Intermediate Crude oil futures for December settlement were down 1.7 percent at $82.50.
The American Petroleum Institute reported late Tuesday an increase of 3.6 million barrels of crude oil in U.S. inventories for the week ending October 29, up from expectations of 1.6 million-barrel increase.
The API data also showed gasoline stockpiles declined by 552,000 barrels last week, while distillate inventories gained by 573,000 barrels.
The Energy Information Administration is set to release its official inventory data later today, while OPEC+ is expected to meet on Thursday to review its output policy.
The alliance is expected to stick to the gradual, monthly production increases of 400,000 barrels per day.
Copyright RTT News/dpa-AFX
© 2021 AFX News
