Commodities
Oil Prices Slip on US Inventory Build, Middle East Disruptions
Oil prices fell on Wednesday after a two-day rally following an unexpectedly large build in U.S. crude inventories.
The Brent crude futures dropped $0.73, 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 inventory build weighed on prices, but regional stock increases do not change the underlying tightness in the global crude market, Haitong Futures said in a note.
Despite the inventory pressure, prices remained resilient as traders focused on disruptions to physical supplies.