Oil Prices Plunge as US Crude Inventories Rise Amid Saudi Pipeline Concerns

Oil prices took a hit on Wednesday as US crude inventories unexpectedly rose, overshadowing concerns over supply disruptions following an attack on Saudi Arabia's East-West pipeline.

Brent crude futures dropped 93 cents, or 0.86%, to $107.82 a barrel at 0028 GMT, while US West Texas Intermediate (WTI) crude futures fell 97 cents, or 0.92%, to $104.86 a barrel.

The unexpected increase in US crude inventories by 7.1 million barrels last week was contrary to analysts' expectations of a decline of around 1.6 million barrels, according to a Reuters poll.