Business Standard ·
Economy, business and finance
Oil prices fall as US crude inventories rise despite Saudi supply concerns
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%, at $104.86 a barrel
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.
Both benchmarks settled more than $3 higher and at their highest levels since May 19 on Tuesday, as the Yanbu loading suspension stoked supply concerns and Saudi Arabia cut oil shipments to Europe
US crude oil, gasoline and distillate inventories all rose last week, market sources said on Tuesday, citing data from the American Petroleum Institute.
Crude inventories rose by 7.1 million barrels in the week ended September 11, the sources said, citing API data. That compared with analysts' expectations for a draw of about 1.6 million barrels, according to a Reuters poll.