Oil prices drift lower

NEW YORK: Oil prices fell over 1% on Wednesday after a US crude supply unexpectedly rose, but losses were limited after the US Treasury Secretary said President Donald Trump could leverage sanctions at a meeting with Russian President Vladimir Putin.

Brent crude futures dropped 80 cents, or 1.2%, to $65.32 a barrel by 10:46 a.m. EDT, while US West Texas Intermediate crude futures fell 92 cents, or 1.5%, to $62.25 a barrel. US crude stocks rose by 3 million barrels to 426.7 million barrels, the Energy Information Administration said on Wednesday.