21.10.202010:32:00UTC+00Oil Prices Fall Over 1 Percent Ahead Of EIA Data

Oil prices fell more than 1 percent on Wednesday after industry data pointed to a surprise crude stockpile gain.

Benchmark Brent crude fell 59 cents, or 1.4 percent, to $42.57 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 58 cents, or 1.4 percent, at $41.12.

The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 584,000 barrels for the week ending October 16, adding to concerns about a global supply glut. Analysts had forecast an inventory draw of 240,000 barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.2 million barrels, API said. Amid fresh coronavirus lockdown worries, investors await U.S. oil inventory data from the U.S. Energy Information Administration (EIA) for further direction.

The Organization of Petroleum Exporting Countries and its allies warned on Oct. 19 of a "precarious" outlook as a resurgent pandemic hurts oil demand.

Russia's Energy Minister Alexander Novak, however, said it was too early to speak about any decision on the OPEC+ oil-output cuts beyond December.