Oil falls on rising U.S. inventories

Oil prices declined after unofficial estimates indicated an unexpected increase in U.S. crude inventories, which grew by 7.1 million barrels over the week ending September 11. This contrasted with forecasts of a decrease of approximately 1.6 million barrels. As a result, futures contracts for Brent crude fell by 0.43% to $108.24 per barrel, while West Texas Intermediate dropped by 0.92% to $104.86. Meanwhile, the resumption of oil flows through the Saudi Red Sea pipeline was announced, after millions of barrels were redirected from the east to the port, with operations expected to return to normal in the coming days. This comes amid continued increases in Saudi exports from the eastern coast, despite disturbances in the Red Sea. Oil prices remain close to $110 per barrel, with the likelihood of further rises due to tensions in the Middle East and their impact on global supplies.

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