Commodities
Oil Falls as US Crude Stockpiles Rise, Cease-Fire Talks Progress
- WTI settled at just below $71 a barrel after two days of gains
- US oil inventories swelled by 5.47 million barrels last week
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Oil dropped as US crude inventories posted an unexpectedly high build and the Biden administration renewed efforts to secure a cease-fire in the Middle East.
West Texas Intermediate fell about 1.4% to settle below $71 a barrel, while global benchmark Brent slid to settle at just under $75. US government figures showed the country’s crude stockpiles rose by 5.47 million barrels last week, more than the 1.6 million-barrel increase projected by an industry group on Tuesday.