Oil Falls as US Stockpile Build, IEA Report Cast Bearish Outlook

Oil dropped as a larger-than-expected US crude inventory gain and a bearish report from the International Energy Agency added to a gloomy outlook for markets.

West Texas Intermediate fell 0.8% to settle below $63 a barrel in a thin summer trading session. Prices tumbled after US crude stockpiles rose about 3 million barrels last week to the highest level in two months, according to government data.