Oil Prices Slip on US Inventory Build
Oil prices retreated from a two-day rally after U.S. crude inventories unexpectedly rose by 7.1 million barrels. Meanwhile, ongoing supply disruptions in the Middle East and Saudi export concerns provided underlying market support.
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Brent Crude Oil fell $1.22 to $107.53 a barrel on Wednesday morning following an unexpectedly large build in United States crude inventories. The pullback follows a two-day rally driven by supply disruptions in the Middle East. Saudi Arabia infrastructure attacks and regional maritime bottlenecks continue to keep global markets tight.
