Crude Oil Prices Plunge on Surging US Inventories and Saudi Pipeline Disruption

Crude oil prices fell to $108 on Wednesday after data from the US showed an increase in crude oil inventories. The American Petroleum Institute reported that crude oil inventories rose by 7.14 million barrels for the week ending September 11, exceeding market expectations of a decline of around 1.8 million barrels.

The rise in inventory levels may be attributed to continued releases from the US strategic petroleum reserves, according to industry reports.

Meanwhile, oil loadings at Saudi Arabia's Yanbu port were suspended due to an attack by the Houthis on Friday, which shut down its East-West pipeline. Repair estimates range from five to six weeks, with one source indicating possible partial pumping resumption as repairs continue.