Surprise increase in US oil stocks figures pops balloon of Opec-inspired price rally
London — Oil prices fell on Wednesday after one of the year’s biggest rallies the day before after industry figures showed US crude stocks rose beyond expectations last week to add to an oversupplied market. Global benchmark Brent crude was down 39c at $46.56 a barrel at 9.17am GMT. It closed on Tuesday 5.7% higher on news that Opec members would renew efforts to limit production. US crude was 47c lower at $45.34 a barrel. "Prices are down on the build in US crude oil stocks reported by the API last night," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates. Weekly US crude oil stocks surged by 3.6-million barrels last week, the American Petroleum Institute industry group said, exceeding analyst expectations of a 1.5-million-barrel rise. The news dampened a rally sparked by news that Opec members were meeting ahead of a foral group gathering on November 30 to build consensus for a deal to limit production, and by oil pipeline attacks by militants in Nigeria. Opec e...
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