Brent slides 1% after large US oil inventories build

Oil prices fell sharply during trading sessions today, slammed after data showed larger-than-expected US inventories build during last week.

The U.S. Energy Information Administration showed today that the US crude inventories surged by 9.3 million barrels, more than forecasts for 4 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that the US commercial crude inventories surged by 10.5 million barrels during same period.

Otherwise, the dollar index fell by 0.4% to 97.5 points as of 16:39 GMT, with an intraday high of 98.11 and a low of 97.5.

By 16:38 GMT, WTI futures for November delivery fell by 0.6% to $53.03, with a high of $53.31 and a low of $52.76.

Brent crude lost 1% to $58.9, with a session-high of $59.4 and a low of $58.6.