Oil falls to near 4-week low after big build in US inventories

Biden blames higher oil and gas prices on OPEC; EIA shows bigger than expected jump in crude inventories

Oil prices fell to a near four-week low on Wednesday, after US crude stocks rose more than expected, as gasoline inventories in the world's largest oil consumer hit a four-year low.

Brent crude futures fell $2.73, or 3.2%, to settle at $81.99 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $3.05, or 3.6%, to settle at $80.86.

That was the biggest daily percentage declines for both benchmarks since early August and the lowest closes for Brent since Oct. 7 and WTI since Oct. 13.

Weekly crude stocks rose more by 3.3 million barrels, more than expected, but gasoline stocks fell to