Oil Prices Dip as U.S. Crude Stockpiles Rise Unexpectedly
Oil prices declined on Wednesday as U.S. crude inventories rose unexpectedly, offsetting concerns about supply disruptions in the Middle East.
The American Petroleum Institute reported that crude stocks increased by 7.14 million barrels in the week ended September 11, exceeding expectations for a 1.8-million-barrel decline.
Despite the unexpected inventory build, Brent crude futures fell only 0.5% to $108.22 a barrel, while U.S. West Texas Intermediate crude slipped 0.8% to $105 a barrel.
The supply concerns in the Middle East continued to provide support to oil prices, with Saudi Arabia halting oil loadings at Yanbu after shutting its East-West pipeline following attacks involving Yemen-based Houthis.
Oil shipments through the Strait of Hormuz have also remained significantly below normal levels amid tensions between the United States and Iran.