Commodities
WTI Price Drops After Unexpected Inventory Build Amid Saudi Disruption
The price of West Texas Intermediate (WTI) crude oil has dropped to around $103.00 in European markets after an unexpected build in US crude inventories.
An American Petroleum Institute report showed that US crude oil stockpiles increased by 7.14 million barrels for the week ending September 11, contrary to a predicted decline of 1.8 million barrels.
The rise in inventory comes as Saudi Arabia suspended oil loadings at its Yanbu port due to an attack on Friday by Yemen's Iran-aligned Houthis.
Saudi Arabia uses this pipeline to reroute around 4% of the world's supply, approximately 4 million barrels per day, to the Red Sea port.