Global crude oil prices fall over 1 per cent

Global crude oil prices fell more than one per cent today as a rise in US crude inventories and signs of weakness in the physical oil market weighed on prices. Meanwhile, traders also assessed whether US and Iran talks could avert military conflict. Brent Crude was trading over 1.3 per cent down at 69 US dollars and 90 cents per barrel and WTI Crude was also trading nearly 1.7 per cent down at 64 US dollars and 33 cents per barrel when reports last came in. According to the data from the Energy Information Administration, US crude inventories increased by 16 million barrels to 435.8 million barrels last week, the most in three years.