Oil slips over report of large build in U.S. crude stock

Oil edged lower on Wednesday in Asia as investors mulled over a huge build in U.S. crude oil stocks. The build in the stocks came even as the Organization of the Petroleum Exporting Countries (OPEC) also came under pressure to increase output.

Brent oil futures dropped 1.29% to $83.63 by 11:48 PM ET (3:48 AM GMT), while West Texas Intermediate slumped 1.62% to $82.55.

Tuesday’s data from the American Petroleum Institute showed a 3.594-million barrels for the week ended October 29.

Investors are now waiting for data from the U.S. Energy Information Administration, due within the day.

Speaking at the COP26 climate summit in Glasgow, U.S. President Joe Biden pinned the blame for OPEC’s refusal to increase production on a surge in oil and gas prices.

The oil group will convene on November 4 to set output policy, which is widely expected to remain the same.

Meanwhile, British Petroleum announced on Tuesday that it will boost investments in its onshore U.S. shale oil and gas business to $1.5 billion from $1 billion in 2021.