New York: Oil prices fell about one percent at settlement on Wednesday following a larger-than-expected increase in US gasoline and diesel inventories. Brent crude futures fell 77 cents, or 1.2 percent, to settle at $US 64.86 a barrel, while US West Texas Intermediate (WTI) crude fell 56 cents, or 0.9 percent, to settle at $US 62.85 a barrel.

According to Qatar News Agency, the US Energy Information Administration announced today that US gasoline inventories rose by 5.2 million barrels, compared to expectations for a 600,000-barrel increase, while distillate inventories, which include diesel and heating oil, rose by 4.2 million barrels, compared to expectations for a one million-barrel increase.