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Oil prices sink as US crude build offsets gasoline draw

Oil prices fell more than 1 percent on Wednesday after the second-biggest weekly draw in U.S. gasoline this summer was countered by an unseasonal growth in crude stockpiles.

U.S. crude inventories rose unexpectedly for a third straight week, gaining 1.1 million barrels in the week ended Aug. 5, compared with analysts' expectations for a 1 million-barrel draw, the U.S. Energy Information Administration (EIA) said.

U.S. gasoline stocks fell 2.8 million barrels in the second-biggest weekly draw since mid-April, compared with expectations for a 1.1 million-barrel drop.

Oil prices gyrated in minutes after the EIA data, reflecting uncertainty in direction after the mixed data. They eventually turned lower, with the crude build leading bearish sentiment.

International benchmark Brent crude futures were down 71 cents, or 1.6 percent, at $44.27 per barrel at 11:43 a.m. ET (1543 GMT). U.S. West Texas Intermediate (WTI) crude oil futures fell 74 cents, or 1.7 percent, to $42.03.

"We do feel that any further strength in the spot price will be met with selling," said Tariq Zahir, trader in crude oil spreads at Tyche Capital Advisors...


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