Oil Rally Looks Overdone as Prices Fall Amid Rising Stockpiles

Oil prices took a hit on September 16, 2026, after a rally driven by supply disruptions left gains looking overdone. According to Bloomberg Terminal data, Brent fell towards $108 a barrel, down from a recent high of $112.50, while West Texas Intermediate was near $105.

The gain in oil prices had been significant, with Brent rising 4% over the previous two sessions. However, this rally may have been short-lived, as the US Energy Information Administration (EIA) reported a rise in stockpiles, indicating that supply disruptions may not be as severe as initially thought.

The East-West pipeline shutdown in Saudi Arabia and supply halt in Libya had contributed to the recent price surge. However, with oil prices now looking overdone, investors may be cautious about further gains.