Oil Prices Plummet on Unexpected Build in US Crude Inventories
Oil prices fell on Wednesday after an unexpected build in US crude inventories, while investors assessed supply risks following Saudi Arabia's suspension of oil loadings at its Yanbu port.
The price drop came as Brent crude futures fell $0.93, or 0.86%, to $107.82 a barrel, and US West Texas Intermediate futures dropped $0.97, or 0.92%, to $104.86 a barrel.
US crude oil, gasoline, and distillate inventories all rose last week, with crude inventories increasing by 7.1 million barrels in the week ended September 11, according to data from the American Petroleum Institute.
The unexpected build in US crude inventories weighed on prices, but regional stock increases do not change the underlying tightness in the global crude market, Haitong Futures said in a note.