Oil falls as U.S. crude inventories reportedly rise, traders weigh Saudi pipeline closure
Oil fell Wednesday, as an unexpected increase in U.S. crude inventories outweighed worries over supply disruptions after an Iran-backed attack on Saudi Arabia's East-West pipeline.
Oil prices fell on Wednesday. An unexpected increase in US crude inventories contributed to the decline. According to Investing.com, US crude oil, gasoline and distillate inventories all rose last week.
The increase in US crude inventories was 7.1 million barrels in the week ended September 11, which was contrary to analysts' expectations of a draw of about 1.6 million barrels. This unexpected build, along with increases in gasoline and diesel inventories, put downward pressure on prices.
There were concerns about supply disruptions after an attack on Saudi Arabia's East-West pipeline. Saudi Arabia had suspended oil loadings at its Yanbu port following the attack. Oil prices had risen more than $3 on Tuesday, with Brent crude and US West Texas Intermediate futures settling at their highest levels since May 19.
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