New york: Oil prices fell more than 1% on Wednesday following an unexpected increase in U.S. crude inventories. Brent crude futures decreased by 80 cents, or 1.2%, reaching $65.32 a barrel. Concurrently, U.S. West Texas Intermediate (WTI) crude futures dropped 92 cents, or 1.5%, settling at $62.25 a barrel.

According to National Iraqi News Agency, the U.S. Energy Information Administration reported that U.S. crude inventories experienced a rise of 3 million barrels, bringing the total to 426.7 million barrels. This unexpected increase in inventories has exerted downward pressure on oil prices, contributing to the decline observed in the market.