US Crude Oil Inventories Surprise Markets with Unexpected Rise

Crude oil prices took a hit on Wednesday morning after industry data showed an increase in US crude oil inventories. At 10 am, Brent oil futures were trading at $107.84, down by 0.84%, while WTI (West Texas Intermediate) futures were at $104.61, down by 1.15%. The API reported a rise of 7.14 million barrels in US crude oil inventories for the week ending September 11, contrary to market expectations of a decline.

The increase in inventory levels could be attributed to continued releases from the US strategic petroleum reserves, according to market reports. Official data from the US EIA (Energy Information Administration) is expected later on Wednesday, which will provide a clearer picture of crude oil inventory levels in the US.