Oil price down more than US$1 a barrel on US crude build, delay in trade pact

Brent crude  settled at $61.74 a barrel, losing $1.22 cents, or 1.94 percent. West Texas Intermediate crude settled at $56.35 a barrel, losing 88 cents, or 1.54%. (File pic shows oil storage facility at Cushing,Oklahoma.)

NEW YORK: Oil prices dropped more than $1 a barrel on Wednesday after a much larger-than-expected build in U.S. crude inventories and after Reuters reported that the signing of a U.S.-China trade deal could be delayed until December.

Brent crude settled at $61.74 a barrel, losing $1.22 cents, or 1.94 percent. West Texas Intermediate crude settled at $56.35 a barrel, losing 88 cents, or 1.54%.