WASHINGTON (dpa-AFX) - Oil prices fell about 1 percent on Wednesday as industry data signaled a rise in U.S. oil inventories and the Biden administration renewed efforts to secure a cease-fire in the Middle East.
A firmer dollar also weighed on prices as traders pondered the prospect of a Donald Trump presidency.
It is feared that Trump policies including tariffs and restrictions on undocumented immigration could increase inflation and keep interest rates relatively high for a longer-than-anticipated period.
Benchmark Brent crude futures dipped 0.9 percent to $75.34 a barrel in European trade, while WTI crude futures were down 1 percent at $71 a barrel.
The U.S. dollar hovered near a 2-1/2-month peak after Fed officials sounded a cautious tone over the pace of future rate reductions.
The American Petroleum Institute report showed a build of 1.6 million barrels of crude oil inventories in the U.S. for the week ending October 18, despite a 216,000-barrel drop in stockpiles at the Cushing delivery center.
Gasoline stocks show a draw of 2.02M barrels during the week while distillate inventories - including diesel and heating oil - fell by about 1.5 million barrels.
The Energy Information Administration releases its weekly U.S. petroleum supply report later in the day.
On the geopolitical front, the U.S. is once again trying to secure a cease-fire deal in the Middle East between Israel and Hamas.
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