WTI oil prices declined by 1.1 percent on Tuesday to close at $50 per barrel after an industry group reported that U.S. oil inventories grew nearly three times as much as forecast.The American Petroleum Institute (API) reported that U.S. crude stocks rose by 4.8 million barrels in the week ended Oct. 21 versus a 1.7- million barrel build forecast by Reuters.The U.S. Energy Information Administration (EIA) reports official inventory numbers on Wednesday. Last week, the EIA surprised the market, reporting an unexpected drawdown of 5.2 million barrels for the Oct. 14 week as a storm delayed shipments of imported oil.Oil prices were also depressed by producers' verbal jockeying over planned output cuts by the Organization of the Petroleum Exporting Countries. Iraq, OPEC's second largest producer, reiterated on Wednesday its resistance to contributing to the cuts while data showed it had higher output for October.
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