Oil prices extend losses to 3%, hitting April lows

Oil prices fell on Wednesday and sharpened their losses considerably following US inventory data, which showed a larger buildup than expected. 

The Energy Information Administration released official data showing a buildup of 2.7 million barrels last week, above estimates of a 1.6 million buildup.

According to the data, total stocks are up to 460.1 million barrels, the highest since the week ending June 2023. 

The EIA reported no change to US crude output at 13.1 million bpd for the fifth straight week. 

On trading, Brent futures due in June fell 2.8%, or $2.55 to $87.47 a barrel, touching April 1 highs.

US crude futures due in May fell 2.9%, or $2.45 to $82.91 a barrel, an April low as well.