Petroleum prices fell on Wednesday, pressured by a 10th-consecutive rise in U.S. crude inventories and doubts over whether agreement on an output cut led by the Organization of the Petroleum Exporting Countries will be achieved next week.
Data released Wednesday by the U.S. Energy Information Administration showed that U.S. crude stockpiles rose by 3.6 million barrels in the week through Nov. 23, compared with analysts' expectations for an increase of 769,000 barrels.
Brent crude, the global benchmark, was down 73 cents, or 1.2%, at $59.48 U.S. a barrel mid-morning Wednesday, after trading as high as $61.27. U.S. West Texas Intermediate crude fell 42 cents to $51.14 U.S.
EIA added stockpiles at the Cushing, Oklahoma delivery hub for WTI crude rose by 1.2 million barrels.
Gasoline stocks fell by 764,000 barrels, compared with analysts' expectations for a 640,000-barrel gain. EIA also said distillate stockpiles, which include diesel and heating oil, rose by 2.6 million barrels, versus expectations for a 857,000-barrel drop.
Saudi Arabia also dampened hopes of production cuts by OPEC and its allies by saying on Wednesday that it would not act alone and Nigeria stopped short of committing to a new push to curb supplies.
OPEC plus Russia and other allies meet on Dec. 6-7. Producers are discussing a supply curb of 1 million to 1.4 million barrels per day (bpd) and possibly more.
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