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Oil drops amid unforeseen US inventory rise
Oil prices declined today, Wednesday, following data that showed a surprising increase in U.S. crude inventories. Specifically, inventories rose by about 7.1 million barrels during the week ending September 11, compared to forecasts of a decrease of 1.6 million barrels. This unexpected rise put additional downward pressure on prices, with Brent crude dropping by 0.86% to $107.82 per barrel, and West Texas Intermediate decreasing by 0.92% to $104.86. Prices had previously surged by over $3 on the prior Wednesday, but the new data dampened those gains amid market anticipation for further inventory and U.S. production reports.
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