U.S. oil stockpiles climbed last week on rising crude product inventories, exacerbating concerns about oversupply amid uncertainty over whether major oil produces will deepen output cuts.
U.S. crude inventories rose by 4.1 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 3.8 million barrels the previous week. Gasoline and distillates inventories rose by 3.4 million and 334,000 barrels.
Crude Oil WTI Futures, the U.S. benchmark for oil fell 2% after settling lower at $44.55 per barrel.
Oil prices settled lower after major oil-producing countries delayed a decision on whether to ease production output from January until later this week.
The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies increased by about 2.4 million barrels last week.