Oil prices fall over 1% after U.S. inventory build

Global oil prices declined by more than 1% on Wednesday morning after data from the American Petroleum Institute (API) showed a rise in U.S. crude inventories, Report informs, citing trading data.

July futures for Brent crude fell by 1.22% to $62.51 per barrel, while June WTI futures dropped 1.36% to $59.60.

According to API figures released overnight, U.S. commercial crude stocks rose by 3.76 million barrels in the week ending April 25.