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Oil dips to $107.82 amid inventory rise
Oil prices fell today, Wednesday, amid an unexpected rise in U.S. crude inventories, which increased by approximately 7.1 million barrels last week, despite expectations of a decline of about 1.6 million barrels. Additionally, Brent crude futures dropped to $107.82 per barrel, and West Texas Intermediate to $104.86, after having previously climbed above $110 in recent days. This decline coincided with a decrease in oil tanker traffic through the Strait of Hormuz to its lowest level since the start of the week, amid concerns over potential disruptions to oil supplies caused by regional tensions and the targeting of the East-West pipeline in Saudi Arabia.
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