Oil turns negative after unexpected massive U.S. crude stock build

NEW YORK — Oil prices fell about 1% Wednes­day, revers­ing strong gains after data showed U.S. crude stock­piles jumped unex­pect­ed­ly in their largest build since April amid a record surge in imports.

U.S. crude inven­to­ries rose by 15.2 mil­lion bar­rels to 503.2 mil­lion bar­rels last week, accord­ing to the Ener­gy Infor­ma­tion Admin­is­tra­tion, com­pared with ana­lysts’ expec­ta­tions in a Reuters poll for a 1.4 mil­lion-bar­rel drop..

 

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