Oil falls as U.S. crude inventories surge [Video]

Oil prices fell for a second day Wednesday on surging U.S. stockpiles and signs that OPEC+ is unlikely to change its output policy at a technical meeting next week.

Brent crude futures for May dropped 97 cents, or 1.12%, to $85.28 a barrel by 0929 GMT while the more actively traded June contract fell by 92 cents, or 1.07%, to $84.71. The May contract expires on Thursday.

U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 93 cents, or 1.14%, to $80.69.

Prices have retreated since climbing to their highest since October last week and remain about 3% above the average closing price in the first week of March.

A sharp rise in U.S. crude inventories and expectations for potential inaction by OPEC+ next week prompted further “unwinding” in oil prices as profit-taking accelerates after the mid-March rally, said IG market strategist Jun Rong Yeap.

U.S. crude oil …