Oil Prices Plummet as US Crude Inventories Rise Despite Saudi Supply Concerns

Oil prices fell on Wednesday due to an unexpected build in US crude inventories despite concerns over Saudi supply disruptions.

Brent crude futures declined by 93 cents, or 0.86%, to $107.82 a barrel at 0028 GMT, while U.S. West Texas Intermediate futures were down 97 cents, or 0.92%, at $104.86 a barrel.

The price drop comes after US crude oil inventories rose by 7.1 million barrels in the week ended September 11, exceeding analysts' expectations of a 1.6 million-barrel draw.

Saudi Arabia's decision to suspend oil loadings at its Yanbu port following an attack on its East-West pipeline has raised supply concerns, but market sources say regional stock increases do not change the underlying tightness in the global crude market.