Oil prices slip on surprise build in U.S. crude stocks

Oil prices were lower on Wednesday after industry data showed a surprise build in U.S. crude stocks last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut.

Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the American Petroleum Institute (API) reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll. data showed refinery crude runs fell by 2.2 million bpd.

Brent crude futures slipped by 6 cents, or 0.1%, to $65.31 a barrel at 0748 GMT, but narrowed losses earlier in the session that sent it to as low as $64.80.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 29 cents or 0.5% at $61.38 a barrel, after trading as low as $60.97 earlier on Wednesday.

Investors will be awaiting confirmation from the U.S. Energy Information Administration later on Wednesday that crude inventories rose last week, despite the hit to shale oil production amid the unprecedented icy spell in the U.S. south, Reuters reported.

Prices have jumped due to the U.S. supply disruption and supply discipline by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, led by an extra 1 million bpd cut by Saudi Arabia.