Oil falls as US crude inventories rise
<p>Singapore: Oil prices fell on Wednesday following an unexpected surge in US crude inventories, while investors were assessing supply risks in the Middle East.</p> <p>Brent futures fell 93 cents, or 0.86%, to $107.82 a barrel, and West Texas Intermediate (WTI) futures tumbled 97 cents, or 0.92%, to $104.86 a barrel.</p> <p>The benchmark crude futures closed higher by more than $3 on Tuesday,…
Oil prices fell on Wednesday following an unexpected surge in US crude inventories. According to data from the American Petroleum Institute, US crude oil, gasoline, and distillate inventories all rose last week. Crude inventories specifically rose by 7.1 million barrels in the week ended September 11, which was contrary to analysts' expectations for a draw of about 1.6 million barrels.
Brent crude futures fell 93 cents, or 0.86%, to $107.82 a barrel, and West Texas Intermediate (WTI) futures tumbled 97 cents, or 0.92%, to $104.86 a barrel. Both benchmarks had settled more than $3 higher and at their highest levels since May 19 on Tuesday. The price drop was influenced by the unexpected build in US crude inventories.
The supply risks in the Middle East were also being assessed by investors. Saudi Arabia had suspended oil loadings at its Yanbu port following an attack on its East-West pipeline to the Red Sea, which stoked supply concerns and led to Saudi Arabia cutting oil shipments to Europe, according to Business Recorder.
Brief written by urgent.news from The Peninsula Qatar Business, Business Recorder, CNA - Business — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
