Oil Prices Dip on Unexpected Rise in US Crude Inventories

Oil prices dipped slightly on September 16 following an unexpected rise in U.S. crude oil inventories.

According to Reuters, Brent crude futures fell $1.93, or 0.86%, to $107.82 a barrel, while U.S. West Texas Intermediate futures dropped $2.97, or 0.92%, to $104.86 a barrel.

The rise in inventories diverged sharply from analysts' expectations; a Reuters poll had forecast a drawdown of approximately 1.6 million barrels for the week ending September 11, but instead saw a 7.1 million-barrel increase.

Haitong Futures noted that regional inventory increases do not change the broader picture of a global oil market shortage.