Oil falls as big US crude build offsets hopes for US-China trade talks

Oil prices fell on Wednesday, pulled down by a larger-than-expected build-up in US crude stocks, after gaining for three straight sessions on expectations of an easing of in US-China trade tensions.

Brent crude futures were at $62.60 a barrel by 0330 GMT, down 36 cents, or 0.6 percent. Brent settled up 1.3 percent on Tuesday.

US West Texas Intermediate (WTI) crude futures fell 29 cents, or 0.5 percent, to $56.94 per barrel, having closed up 1.2 percent in the previous session.

US crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. That was nearly triple analysts' forecast for an increase of 1.5 million barrels.

Official data from the Energy Information Administration (EIA) is due later on Wednesday.

However, hopes remain for a breakthrough on trade in talks between the United States and China, the world's two biggest oil consumers, keeping price falls in check.