Oil prices fall on signs of large U.S. stock build

Oil prices fell by 1% on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by U.S. Treasury Secretary Steven Mnuchin on a U.S.-China trade deal. Global benchmark Brent crude oil futures LCOc1 was down by 57 cents, or nearly 1%, at $58.85 a barrel by 0629 GMT. U.S. crude oil futures CLc1 were down 56 cents, or 1%, at $52.80. U.S. crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to Oct. 11, according to the American Petroleum Institute’s weekly report, published ahead of official government stocks data due on Thursday.