Oil prices fall on US inventory build despite Saudi supply concerns
London, Sept. 16 (SANA)Oil prices fell on Wednesday after an unexpected build in U.S. crude inventories outweighed concerns over Saudi supply following the suspension of loadings at the Red Sea port of Yanbu.
Brent crude futures fell 93 cents, or 0.86%, to $107.82 a barrel, while U.S. West Texas Intermediate crude declined 97 cents, or 0.92%, to $104.86,Reutersreported.
U.S.crude inventories rose by 7.1 million barrels in the week ended Sept. 11, according toAmerican Petroleum Institute datacited by Reuters. Gasoline stocks increased by 1.5 million barrels, while distillate inventories rose by 1.6 million barrels.
The inventory build weighed on prices despite concerns over Saudi supply after oil loadings at Yanbu were suspended following an attack on the Kingdom’s East-West pipeline.
Both benchmarks had risen by more than $3 on Tuesday, reaching their highest levels since May 19 as traders assessed the risk of disruptions to major Middle East oil supply routes.