Crude oil price inched down after world’s largest consumer of the United States stockpiles increased more than expected.
Brent closed at $85.19 per barrel down by 0.54% while WTI closed at $84.06 per barrel down by 0.70%.
According to American Petroleum Institute figures oil inventories rose 2.3 million barrels in the week ending October 22 versus forecasted 1.9 million barrels.
While street expected a drop in inventories of gasoline and distillate, inventories of both rose by 500,000 barrels and 1 million barrels respectively.
Traders believe oil is overbought by the market and expects to see a profit taking momentum.