Oil prices fell on Wednesday, with U.S. futures dipping below $70 a barrel for the first time in a month, after U.S. stockpiles rose by 6.5 million barrels, almost triple what analysts had forecast, while exports dropped.
Brent crude was down $1.31, or 1.6 percent, at $80.10 a barrel by 2:28 p.m. ET, after gaining $1.15 over the previous three sessions. The global benchmark is trading nearly $7 below a four-year high of $86.74 reached on Oct. 3.
U.S. light crude oil ended Wednesday's session down $2.17, or 3 percent, at $69.75.
Oil had been rising on worries about Iranian sanctions and tensions between the United States and Saudi Arabia after the death of Saudi journalist Jamal Khashoggi.