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InvestmentsOil prices fall as industry data shows big build in U.S. inventory...

Oil prices fall as industry data shows big build in U.S. inventory By Reuters

© Reuters. FILE PHOTO: A petroleum station attendant prepares to refuel a automotive in Rome, Italy, January 4, 2012. REUTERS/Max Rossi

By Jessica Jaganathan

SINGAPORE (Reuters) – Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate shares in the United States, the world’s largest oil shopper, and as strain mounted on OPEC to extend provide.

futures fell by 98 cents, or 1.2%, to $83.74 a barrel by 0034 GMT, whereas U.S. West Texas Intermediate (WTI) crude futures tumbled by $1.32, or 1.6%, to $82.59 a barrel.

“Crude oil lower as pressure mounted on OPEC to boost output. U.S. President Biden led calls from major economies for the group to increase production beyond what has already been agreed,” analysts from ANZ stated in a notice on Wednesday.

President Joe Biden, talking at a local weather summit in Glasgow, blamed a surge in oil and fuel prices on a refusal by OPEC nations to pump extra crude.

and distillate gas shares rose final week whereas gasoline declined, in response to market sources citing American Petroleum Institute figures on Tuesday. [API/S]

Crude shares rose by 3.6 million barrels for the week ended Oct. 29. Gasoline inventories fell by 552,000 barrels and distillate shares rose by 573,000 barrels, the data confirmed, in response to the sources, who spoke on situation of anonymity.

Analysts polled by Reuters had anticipated crude oil inventories to have risen final week.

Data from the U.S. Energy Information Administration, the statistical arm of the U.S. Department of Energy, will probably be launched afterward Wednesday.

In an indication that top prices are encouraging extra provide elsewhere, BP (NYSE:) stated on Tuesday it’s going to ramp up investments in its onshore U.S. shale oil and fuel enterprise to $1.5 billion in 2022 from $1 billion this 12 months.

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