Crude heads weaker in Asia Wednesday after API surprise build

Petrol station in Singapore in the Geylang neighborhood; taken August 2018.

Crude oil prices turned weaker ahead of the Asian Wednesday open after U.S. industry estimates reported a larger-than-expected build in U.S. oil supplies.

In after-settlement trade, ICE Brent was down 2.04 percent to US$71.68 a barrel, while NYMEX West Texas Intermediate slipped 2.16 percent to US$61.74 a barrel. Brent settled down 1.42 percent to US$72.13 a barrel on Tuesday, and WTI fell 1.41 percent to US$62.21 a barrel.

U.S. crude oil inventories jumped by 7.81 million barrels last week to 432 million barrels, the American Petroleum Institute said, well above the 2.4 million barrels expected by analysts.

Gasoline stocks fell by 1.2 million barrels, compared to an expected dip of 2.3 million barrels and distillates dropped 3.6 million barrels, compared to an expected decline of 2.6 million barrels.

Ahead, the U.S. Energy Information Administration releases official data on weekly crude and refined product inventories at 10:30 a.m. on Wednesday U.S. EDT. The two data sets often diverge.