Oil Prices Fall As US Crude Inventories Rise
Oil prices declined following an unexpected increase in United States crude inventories. Investors continued assessing supply risks after Saudi Arabia suspended loadings at its Yanbu port. The disruption followed an attack on the East West pipeline.
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Brent Crude Oil fell 93 cents, or 0.86%, to $107.82 a barrel during Wednesday morning trade following an unexpected build in United States crude inventories. The pullback occurred as investors weighed supply risks after Saudi Arabia suspended oil loadings at its Yanbu port. The drop follows a rally on Tuesday that pushed both benchmarks to their highest levels since May 19 amid security concerns in the Red Sea.
