Oil Prices Fall on Large Build in U.S. Crude Oil Inventories

Oil prices were slipping following the publication of a bearish U.S. Energy Information Administration report, showing U.S. commercial crude oil inventories increased by 12 million barrels over the last week. Meanwhile, global natural-gas markets remain under pressure with comfortable storage levels in both the U.S. and Europe as the world moves closer to the end of the heating season, while forecasts for milder weather have added further pressure, ING analysts said in a research note. Investor focus will be on the International Energy Agency's monthly oil market report, hot on the heels of OPEC's monthly report earlier this week.