Oil dips despite higher U.S. inventories
Oil prices dropped significantly following an unexpected increase in U.S. oil inventories last week, which rose by 7.1 million barrels despite expectations of a decline of about 1.6 million barrels. This decline occurred amid Saudi Arabia suspending oil loading operations at the Yanbu port after an attack on its main pipeline by the Houthis, raising fears of supply shortages. Additionally, sources expect that repairing the pipeline will take between five and six weeks, leading to volatility in oil prices, with Brent crude falling to $107.82 per barrel and West Texas Intermediate to $104.86.
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