Oil falls as US crude inventories rise despite Saudi supply concerns
BEIJING: Oil prices fell on Wednesday after an unexpected build in US crude inventories, while investors assessed supply risks after Saudi Arabia suspended oil loadings at its Yanbu port following an attack on its East-West pipeline to the Red Sea. Brent crude futures fell 93 cents, or 0.86%, to $107.82 a barrel at 0028 GMT, while US West Texas Intermediate futures were down 97 cents, or 0.92%,…
Oil prices declined on Wednesday as unexpected increases in US crude inventories were revealed, amidst growing concerns about supply risks following Saudi Arabia's suspension of oil loading at its Yanbu port. The suspension came after a Houthi attack on the East-West pipeline that transports crude to the Red Sea. Brent crude futures dropped by 93 cents, or 0.86 per cent, to $107.82 per barrel, while US West Texas Intermediate futures fell by 97 cents, or 0.92 per cent, to $104.86 per barrel.
These declines marked a significant drop from the previous week's record highs, both on Tuesday. The unexpected build in US crude inventories, which rose by 7.1 million barrels in the week ended September 11, surpassed market expectations of a 1.6 million barrel draw. This unexpected inventory increase, coupled with growing supply concerns, dragged down oil prices despite Saudi Arabia's reduction in oil shipments to Europe.
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