Crude oil prices slip to $108 as US inventories rise
Brent fell 0.67% to $108.02 and WTI declined 1.04% to $104.73 as traders awaited official US inventory data from the EIA.
Crude oil prices fell to $108 on Wednesday as US inventories rose, according to industry data. The price of November Brent oil futures dropped by 0.67% to $108.02 at 9:33 am, while October crude oil futures on WTI decreased by 1.04% to $104.73. September crude oil futures on MCX were at ₹10044, down 1.62%, and October futures were at ₹9570, down 1.74%.
The American Petroleum Institute reported a 7.14 million barrel increase in US crude oil inventories for the week ending September 11, surpassing the expected decline of 1.8 million barrels. The increase in inventories might be due to ongoing releases from the US strategic petroleum reserves. The official data from the US Energy Information Administration is expected later on Wednesday to provide a clearer picture of the crude oil inventory levels in the US.
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