Oil falls as refined products` stocks rise

Oil prices fell on Friday as a rise in stocks of refined petroleum products offset a sharp decline in U.S. crude inventories to the lowest level since 2015.

Brent crude futures were down 34 cents at $76.16 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude futures slipped 64 cents to $67.13 per barrel.

Both contracts were set for their first weekly loss in three.

U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday.

But sentiment suffered due to a rise in refined product stocks coupled with relatively weak demand for fuel during this summer's U.S. driving season - when consumption normally peaks.

Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1 million barrels, the EIA said.

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