Oil prices slip as US inventories rise

Brent crude settled down 45 cents to US$78.64 a barrel, after reaching $80 on Tuesday. U.S. oil prices ended down 46 cents, or 0.6%, to $74.83 a barrel.(File pic shows Philips oil storage tanks Linden new Jersy)

NEW YORK: Oil prices slipped on Wednesday after U.S. crude inventories rose by more than anticipated, even as OPEC plans to maintain its deliberate approach to adding supply to the market.

U.S. crude stockpiles rose by 4.6 million barrels last week, exceeding expectations, boosted by a rebound in output as offshore facilities shut in by two U.S. Gulf hurricanes resumed activity.