Commodities
Oil Prices Slide Amid US Inventory Build and Ongoing Middle East Disruptions
Oil prices fell on Wednesday after a two-day rally, retreating following an unexpectedly large build in U.S. crude inventories.
Brent crude futures dropped 73 cents, or 0.67%, to $108.02 a barrel at 0450 GMT, while U.S. West Texas Intermediate futures were down $1.1, or 1.04%, at $104.73 a barrel.
The unexpected build in U.S. crude inventories, coupled with supply disruptions in the Middle East, weighed on prices.
Despite this, traders remained focused on disruptions to physical supplies, rather than inventory pressure, according to Priyanka Sachdeva, head of market insights at Phillip Nova.