Oil Falls on Possible OPEC Production Increase, Higher Crude Stockpiles

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Oil Falls on Possible OPEC Production Increase, Higher Crude Stockpiles

Oil tumbled Wednesday as U.S. data showed big increases in crude and fuel stockpiles and on reports the Organization of the Petroleum Exporting Countries could ramp up crude production.

U.S. crude futures fell 72 cents, or 1%, to $71.48 a barrel, on the New York Mercantile Exchange. Brent, the global benchmark, fell 68 cents, or 0.85%, to $78.89 a barrel, on ICE Futures Europe.

Prices…

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