Oil slips on US stock build, Mideast disruptions in focus
- Oil prices fell on Wednesday as investors weighed an unexpected rise in U.S. inventories against supply risks. Brent futures fell 0.2% to $108.6 per barrel, while West Texas Intermediate traded at nearly $105.3, down 0.5%.
- Following a Friday attack by Yemen's Iran-aligned Houthis, Saudi Arabia suspended oil loading operations at Yanbu after the East-West pipeline shut. The pipeline normally diverts nearly 4 million barrels per day, representing about 4% of global supplies.
- Data released by the American Petroleum Institute showed U.S. crude inventories rose by 7.1 million barrels in the week ended September 11. This unexpected build contrasted sharply with analyst expectations for a draw of about 1.6 million barrels.
- Markets reacted to supply concerns Tuesday, with both benchmarks settling more than $3 higher and at their highest levels since May 19. Sources provided varying estimates of five to six weeks for pipeline repairs.
- Separately, Libya's National Oil Corporation suspended operations at three oil fields after Petroleum Facilities Guard protesters closed a valve on the Hamada-Zawiya pipeline. However, NOC Chairman Masoud Suleiman noted production remains stable at around 1.4 million barrels per day.
33 Articles
33 Articles
Oil Prices Fall After Surprise U.S. Crude Stock Build Despite Saudi Supply Disruption Fears
Global oil prices fell on Wednesday after an unexpected increase in U.S. crude oil inventories outweighed investor concerns over potential supply disruptions following attacks on Saudi Arabia’s oil infrastructure. Brent crude futures fell 93 cents, or 0.86%, to $107.82 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 97 cents, or 0.92%, to $104.86 […]
U.S. Fuel Inventories Surprisingly Rose and Saudi Arabia Is Seeking To Reroute Exports. Oil Fell.
Riyadh is offering additional crude cargoes through Oman, easing some concerns about the state of supplies after its key East-West pipeline got shut down last Friday.
At the opening of its dealings on Wednesday, oil prices declined following an unexpected rise in American crude stocks, while investors were assessing the risks of supply, after Saudi Arabia suspended oil loading operations at the port of Dhub following an attack on its pipeline (East-West) leading to the Red Sea.
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