Oil fell more than $1 a barrel on Wednesday, as US data showed crude stocks were at a fresh 16-year high after growing again last week. US crude futures settled down $1.27 a barrel at $48.39, eroding Tuesday's 2.6 percent gain. London Brent crude settled down 79 cents at $48.44 The Energy Information Administration data showed a 2.8 million barrel increase in crude oil inventories. Gasoline stockpiles increased by 2.2 million barrels, running counter to forecasts of a 1.4 million-barrel decline. Oil prices have fallen $100 from highs above $147 a barrel in July 2008.
