NEW YORK, May 22 (Xinhua) -- Oil prices settled lower on Wednesday after report showed an unexpected build in U.S. crude stockpiles.
U.S. crude inventories increased by 4.7 million barrels in the week ending May 17, the U.S. Energy Information Administration reported.
At 476.8 million barrels, U.S. crude oil inventories are about 4 percent above the five year average for this time of year, the report said.
Investors were worried that increasing U.S. stockpiles combined with prolonged tensions between the United States and its major trading partners would dampen market sentiment.
The West Texas Intermediate for July delivery declined 1.71 U.S. dollars to settle at 61.42 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 1.19 dollars to close at 70.99 dollars a barrel on the London ICE Futures Exchange. Enditem
