On Wednesday, oil prices dipped on data showing that US crude and distillate stockpiles posted strong growth last week.
By 00.34 GMT, Brent crude futures plunged by 1.2% or 98 cents to USD83.74/barrel while US WTI crude futures nosedived by 1.6% or USD1.32 to USD82.59/barrel.
Prices were highly affected by the report from the American Petroleum Institute (API) that for the week to October 29, the US crude inventories soared by 3.6 million barrels and distillate climbed by 573,000 barrels. However, gasoline stocks fell by 552,000 barrels.
US President Joe Biden has been actively pressuring global major oil producers to raise their production. For the Organization of the Petroleum Exporting Countries and allies (OPEC+), Biden called for it to increase production beyond what has already been agreed.
