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Oil drops as U.S. inventories rise
Oil prices declined after an unexpected increase in U.S. crude inventories, which rose by 7.1 million barrels for the week ending September 11, compared to expectations of a 1.6 million barrel decline. Brent crude prices fell to $108.02 per barrel, down by 0.67%, while West Texas Intermediate (WTI) decreased to $104.73, a drop of 1.04%. This came amidst disruptions in Middle Eastern oil supplies and prices being affected by the rise in U.S. inventories, despite yesterday's price rally after Saudi Arabia suspended shipments from Europe and the halt of loading operations in Yanbu, which fueled fears of supply shortages.
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