Oil prices fell below $76 a barrel today, aided by a sharp increase in crude stocks last week.

For September delivery, US crude fell 9 cents at $75.68 by 0515 GMT, while London Brent crude for October fell 21 cents to $76.72 a barrel, reports Reuters.

Data from the American petroleum Institute reveals that crude stockpiles rose by 5.9 million barrels last week and gasoline gained 2 million barrels, while distillates rose 2.1 million barrels.