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Oil prices fell more than 1 percent on Wednesday after the American Petroleum Institute (API) reported its fifth straight week of crude oil inventory builds.

Brent crude futures for January delivery fell 93 cents, or 1.1 percent, to $84.72 a barrel, while U.S. crude futures for December settlement were down $1.18, or 1.4 percent, at $83.47 a barrel.

The API said late on Tuesday that crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, while analysts had expected a 1.6 million barrel gain.

Gasoline inventories rose by 500,000 barrels for the week and distillate stocks increased by 986,000 barrels, compared with a forecast for both to drop.

Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 3.7 million barrels for the week.

Inventory data from the Energy Information Administration will be released later in the day. On average, the report is expected to show crude inventories down by 100,000 barrels, according to a survey of analysts conducted by S&P Global Platts.


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