Oil prices fall after unexpected rise in US crude stocks
Oil prices dropped on Wednesday following an unexpected increase in US crude inventories.
Oil prices declined on Wednesday after a surprise surge in US crude stocks. Brent crude futures fell by $0.93, or 0.86%, to $107.82 a barrel, while US West Texas Intermediate futures dropped by $0.97, or 0.92%, to $104.86 a barrel. Both benchmarks closed $3 higher on Tuesday, hitting their highest levels since May 19, due to a suspension of loading operations in Yanbu, which raised supply concerns.
Saudi Arabia also cut oil shipments to Europe. Sources, referring to data from the American Petroleum Institute, reported that US crude, gasoline, and distillate inventories all increased last week. According to these sources, US crude stocks rose by 7.1 million barrels in the week ending September 11, surpassing analysts' expectations of a decline of about 1.6 million barrels.
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