London — Crude oil prices fell for a fourth day on Wednesday as jittery investors awaited official US stockpile figures later in the day after industry data showed a surprise build in inventories, underlining the market’s supply overhang. The American Petroleum Institute said that crude stockpiles rose by 9.3-million barrels in the week to October 28, more than nine times the amount expected by analysts polled by Reuters. US West Texas Intermediate crude fell by 70c to $45.97 by 10.11am GMT and Brent crude was down 69c at $47.45. Both contracts were at their lowest since Sept. 28. Official inventory data from the US government’s Energy Information Administration will be released later today. Rising production from members of oil cartel Opec also weighed on prices. "We have increasing production from Libya and Nigeria helping to create more surplus. Also, all Opec members are producing as much as they can to have a high baseline to negotiate from at the Opec meeting," said SEB chief ...
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