WASHINGTON (dpa-AFX) - Oil prices fell over 1 percent on Wednesday after industry data pointed to a rise in U.S. crude stockpiles.
A stronger dollar also weighed on prices as former U.S. President Donald Trump neared the majority mark of 270 electoral votes after taking comfortable position in four of the seven swing states.
Benchmark Brent crude futures fell 1.2 percent to $74.65 a barrel, while WTI crude futures were down 1.1 percent at $71.17.
Data from the American Petroleum Institute showed that crude oil inventories in the U.S. rose by 3.13 million barrels last week, higher than the expected 1.1 million barrels.
Gasoline stocks fell by about 928,000 barrels during the week ended Nov. 1, while distillate stocks dropped nearly 852,000 barrels.
The official inventory numbers from the Energy Information Administration are due later in the day.
Oil prices were also weighed down by a stronger dollar, which makes oil and other commodities more expensive for holders of other currencies.
There are concerns over economic growth as Trump's proposed tariffs do not support overall global demand.
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