Oil Slips 1% on Large Build in US Crude Stocks; Market Watches Middle East

OIL PRICE - NEW YORK. Oil prices fell on Wednesday after data showed U.s. crude inventories rose by more than expected even as refining activity rebounded, though futures remained up about 2% this week as traders factored in continuing conflict in the Middle East.

Brent crude futures dropped $1.26, or 1.7%, to $74.78 a barrel by 11:08 a.m. (1508 GMT) U.S. West Texas Intermediate crude futures shed $1.2, or 1.7%, to $70.54.