Oil prices fall after industry report shows stock buil
Oil futures fell on Wednesday after an industry report showed an unexpected build in U.S. crude stocks, paring some of their gains of nearly 6 percent from the session before, Reuters reported.
Oil prices had surged on Tuesday as members of he Organization of the Petroleum Exporting Countries (OPEC) were set to renew efforts to efforts to agree concrete steps to implement a deal on cutting output in the face of a persistent global glut.
U.S. benchmark crude CLc1 was down 26 cents at $45.55 a barrel at 0208 GMT. On Tuesday, the contract surged 5.8 percent to $45.81 per barrel in its biggest daily percentage increase since early April.
Brent LCOc1 futures, the global benchmark, also dropped by 26 cents to $46.69 a barrel.