Singapore — Oil prices fell on Wednesday, weighed down by data that showed an increase in US crude oil and petrol inventories. Brent crude oil futures were at $69.83 a barrel at 4.44am GMT, down 13c from their last close. US West Texas Intermediate (WTI) crude futures were at $64.43 a barrel, down 4c from their last settlement. Traders said prices had been pressured by US data showing an increase in crude and petrol stocks. The American Petroleum Institute (API) said on Tuesday that crude inventories rose by 4.8-million barrels in the week to January 19 to 416.2-million, after nine weeks of drawdowns. Petrol stocks climbed by 4.1-million barrels, while refinery crude runs fell by 420,000 barrels a day. In Asia, oversupply of petrol has pulled down refinery profits for the product to their lowest level since 2015. Amid these weakening indicators, traders are taking measures to protect themselves from a potential fall in crude prices. Trading data shows open interest for Brent put opt...
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