Oil prices fall on profit taking, surprise build in U.S. crude stocks

Crude futures fell on Wednesday as investors took gains after oil prices surged nearly 5 percent in the previous session, partly on the back of a forecast increase in demand next year.

A surprise build in U.S. crude stocks and a stronger U.S. dollar which gained on Wednesday against a basket of currencies weighed on oil prices.

U.S. crude slipped 45 cents to $46.35 a barrel as of 0007 GMT after ending the previous session up $2.06, or 4.6 percent.

Brent futures fell 51 cents to $47.96 a barrel after settling up $2.22, or 4.8 percent.

It forecast WTI would average $43.59 per barrel this year versus $36.91 in its earlier forecast, and $55.00 per barrel for 2017, versus an earlier forecast of $52.88.

Brent is forecast to average $44.53 a barrel this year, up from an earlier estimate of $37.77, and average $56.25 a barrel in 2017, up from $54.25 earlier.

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Posted in: Indian Market Tips