Brent Crude Price Falls Amid Surprise Build in US Crude Stocks
The price of Brent crude oil declined by $3.04 per barrel on Tuesday, trading at $100.63 per barrel at 09:00 GMT. The decrease comes after the US Energy Information Administration (EIA) reported a surprise build in US crude stocks.
According to the EIA, commercial US crude oil inventories increased by around 922,000 barrels to 427.3 million barrels in the week ending September 25. Market analysts had expected an inventory draw of 455,000 b/d instead.
The build in US crude stocks typically indicates lower demand for oil and can put downward pressure on Brent's price. This is in contrast to the upward pressure exerted by US President Donald Trump's rhetoric, who recently rejected claims of easing economic sanctions on Tehran by releasing frozen Iranian funds.