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

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

SINGAPORE, Nov 3 (Reuters) - Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.

Brent crude futures fell by 98 cents, or 1.2%, to $83.74 a barrel by 0034 GMT, while 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 said in a note on Wednesday.

President Joe Biden, speaking at a climate summit in Glasgow, blamed a surge in oil and gas prices on a refusal by OPEC nations to pump more crude. read more

U.S. crude and distillate fuel stocks rose last week while gasoline declined, according to market