Oil prices fell on Wednesday after government data south of the border showed a big jump in crude stockpiles and top exporter Saudi Arabia said it increased output to near a record high.
Data released Wednesday by the U.S. Energy Information Administration (EIA) revaled commercial crude stored in the United States rose by eight million barrels in the week through Sept. 28, and crude stocks at the Cushing, Oklahoma delivery hub rose by 1.7 million barrels.
Meanwhile, gasoline stocks fell by 459,000 barrels, compared with analysts' expectations in a poll for a 1.3 million-barrel gain. EIA data also showed distillate stockpiles, which include diesel and heating oil, dropped by 1.8 million barrels, versus expectations for a 1.3 million-barrel drop
Brent crude, the global benchmark, fell eight cents to $84.72 U.S. a barrel mid-morning Wednesday, reversing an earlier gain. The price hit $85.45 U.S. on Monday, its highest since November 2014. U.S. crude was down five cents at $75.18 U.S.
U.S. West Texas Intermediate crude futures were down 29 cents at $74.94 U.S. a barrel.
Saudi Energy Minister Khalid al-Falih said on Wednesday the kingdom had raised output to 10.7 million barrels per day in October. That would be just short of the record high for Saudi output of 10.72 million bpd in November 2016.
