Oil deepens losses after unexpected US inventories build

Oil prices fell today, to deepen losses after the release of the official EIA data, which showed a surprise build in crude inventories.

The US Energy Information Administration (EIA) revealed that oil inventories rose by about 800K barrels last week, beating forecasts of drop by 1.4 million barrels.

The American Petroleum Institute (API) showed yesterday in preliminary data that the US commercial crude inventories rose by about 1.4 million barrels during same period.

The markets focus turned today today to the US Federal Reserve interest rate decision, with most forecasts to keep it unchanged, and will be followed by Fed Chair Jerome Powell's speech to comment on monetary policy.

West Texas Intermediate (WTI) fell by 0.6% to $58.80 as of 7:40 GMT, and hit a session-high of $59.2, and a low of $58.1.

Brent fell by 0.9% to $63.7 a barrel, with a high of $64.2, and a low of $63.