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oil drill3 400LONDON: World oil prices fell on Wednesday as traders reacted to a far bigger-than-expected surge in crude inventories in top global consumer the United States, traders said.

 

Brent North Sea crude for delivery in December dropped $1.02 to $112.98 a barrel in London late afternoon deals.

 

New York's West Texas Intermediate (WTI), or light sweet crude for November delivery, sank 22 cents to $91.87 a barrel.

 

The US government's Department of Energy announced that American oil stockpiles rallied by 2.86 million barrels in the week ending October 12.

 

That was far higher than market expectations for a gain of 1.3 million barrels, according to analysts polled by Dow Jones Newswires.

 

The report also came in above expectations for gasoline, reporting a build of 1.72 million barrels, compared with a projected 300,000-barrel build.

 

Rising stockpiles normally weigh on prices because they are regarded as an key indicator of weakening demand for energy.

Copyright AFP (Agence France-Presse), 2012

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