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Oil extends losses, Brent falls below $70
Oil prices fell on Wednesday with the losses intensified after a larger than expected US crude inventory buildup last week.
The US Trade Secretary Howard Lutnik said the Trump administration might announce a mechanism for reducing the 25% tariffs on Mexico and Canada.
The Energy Information Administration reported a buildup of 3.6 million barrels in US crude stocks last week to a total of 433.8 million barrels, while analysts expected a build of 0.2 million barrels.
Gasoline stocks fell by 1.4 million barrels to 246.8 million barrels, while distillate stocks fell 1.3 million barrels to 119.2 million barrels.
According to government data, local oil demand fell by 300 thousand bpd to 20.5 million bpd.
On trading, Brent May futures fell 2.5%, or $1.74 to $69.3 a barrel.
US crude futures due in April fell 2.9%, or $1.95 to $66.31 a barrel.
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