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Oil prices fell on Wednesday after U.S. crude inventories unexpectedly rose by 7.1 million barrels, offsetting supply concerns from the shutdown of a Saudi oil pipeline.
International benchmark Brent crude for November delivery fell 1.02% to $107.64 per barrel, while U.S. West Texas Intermediate (WTI) crude for October delivery dropped 1.29% to $104.46 per barrel. This followed a Reuters report that U.S. crude inventories rose by 7.1 million barrels in the week ended September 11, far exceeding analysts' expectations of a 1.6 million barrel decrease. The market is also weighing the supply impact of the closure of Saudi Arabia's East-West oil pipeline due to an attack supported by Iran.
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