Commodities
US Crude Inventories Surge, Oil Prices Plummet Amid Saudi Supply Fears
Oil prices fell on Wednesday due to an unexpected rise in US crude inventories, which outweighed concerns over Saudi supply disruptions.
The American Petroleum Institute reported a build of 7.1 million barrels in US crude oil inventories for the week ended September 11, exceeding analysts' expectations of a draw of about 1.6 million barrels.
This increase put downward pressure on prices, causing Brent crude futures to fall by 93 cents, or 0.86%, to $107.82 a barrel, while US West Texas Intermediate futures were down 97 cents, or 0.92%, at $104.86 a barrel.