Oil prices fall 1% after US crude build and ahead of Trump-Putin talks

Oil prices fell more than 1% on Wednesday after U.S. crude supply unexpectedly rose, but losses were limited by the U.S. Treasury Secretary saying President Donald Trump could leverage sanctions at a meeting with Russian President Vladimir Putin.

Brent crude futures dropped 88 cents, or 1.3%, to $65.24 a barrel by 1:14 p.m. EDT, while U.S. West Texas Intermediate crude futures fell 96 cents, or 1.5%, to $62.21 a barrel.

U.S. crude stocks rose by 3 million barrels to 426.7 million barrels, the Energy Information Administration said on Wednesday. Analysts in a Reuters poll had expected a 275,000-barrel draw.

Net U.S. crude imports rose last week by 699,000 barrels per day, EIA said.

"These crude exports remain subpar from what we got used to, falling due to tariff pushback," said John Kilduff, partner at Again Capital in New York, adding continued lower exports could weigh on prices.