Oil prices fell on Wednesday, with U.S. futures settling below $70 a barrel for the first time in a month, after US crude stockpiles rose 6.5 million barrels, almost triple what analysts had forecast, while exports dropped.

Oil had been rising this week on worries about Iranian sanctions and tensions between the United States and Saudi Arabia after the death of Saudi journalist Jamal Khashoggi.

U.S. crude oil slumped $2.17, or 3 percent, to settle at $69.75 a barrel.

“Todays price decline to below our expected support at the $70 level would appear to set the trade up for a weaker pricing environment than we had anticipated,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

Bob Yawger, director of futures at Mizuho in New York, said some speculators may have interest in getting out when prices are below $70, which could accentuate the selloff.

Volume was above average on Wednesday, with more than 627,000 U.S. crude contracts changing hands, compared with a 10-month daily average of about 583,000 contracts.

Brent crude also dipped below $80 a barrel but ended at $80.05, $1.36 or 1.7 percent lower. The global benchmark is trading nearly $7 below a four-year high of $86.74 reached on Oct. 3.

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