ALSO READOil jumps 3 percent after first U.S. crude draw in 6 weeks Oil down 1 percent on glut worry, API cites surprise U.S. crude build Oil down more than 1 percent as U.S. crude build offsets gasoline draw Oil down ahead of first likely U.S. crude build in six weeks Oil down 2 percent on large U.S. crude, distillates build
NEW YORK (Reuters) - Oil prices fell more than 1 percent on Thursday after U.S. government data reported the first domestic crude inventory growth in six weeks, a build above market expectations.
Brent crude was down 66 cents, or 1.3 percent, at $51.15 per barrel by 11:09 a.m. EDT (1609 GMT).
U.S. West Texas Intermediate (WTI) crude fell 65 cents, or 1.2 percent, to $49.53.
The Energy Information Administration (EIA) said U.S. crude stocks rose by 4.9 million barrels in the week ended Oct. 7. Analysts polled by Reuters had forecast a more modest build of nearly 700,000 barrels. [EIA/S]
(Additional reporting by Ahmad Ghaddar in LONDON and Henning Gloystein in SINGAPORE; Editing by Bill Trott and Chizu Nomiyama)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)