23.10.201910:26:00UTC+00Oil Prices Fall On API Inventory Surge

Oil prices fell on Wednesday after industry data showed a bigger-than-expected build in crude stockpiles.

Benchmark Brent crude declined 0.8 percent to $59.23 a barrel, while West Texas Intermediate (WTI) crude futures for December delivery were down 0.9 percent at $53.99 a barrel.

The American Petroleum Institute reported late Tuesday that U.S. crude stocks rose by 4.45 million barrels in the week ended Oct. 18, compared with analysts' expectations for a gain of 2.2 million barrels.

The report also showed stockpile declines of 702,000 barrels for gasoline and 3.5 million barrels for distillates.

Inventory data from the U.S. Energy Information Administration (EIA) is due later in the day.

Meanwhile, media reports suggest that the Organization of the Petroleum Exporting Countries (OPEC) is mulling whether to deepen production cuts at its December meeting amid concerns of weak demand growth next year.

"But it is early now, things will be clearer in November," Reuters quoted OPEC sources as saying. OPEC and other non-members are scheduled to meet again from Dec. 5 to 6.

OPEC and other oil producers including Russia have pledged to cut production by 1.2 million barrels per day (bpd) until March 2020.