Oil Prices Fall After Unexpectedly Rise In US Crude Inventories
Date
8/14/2024 7:37:44 PM
(MENAFN- The Peninsula)
QNA
New York: Oil prices fell on Wednesday after a report showed that US crude inventories unexpectedly rose, while concerns about the impact of a possible widening conflict in the Middle East on production eased slightly.
Brent crude futures fell 41 cents, or 0.5 percent, to $80.28 a barrel, while US West Texas Intermediate (WTI) crude futures fell more than $1 to $77.32 a barrel.
Earlier Wednesday, data from the US energy Information Administration showed that US crude oil inventories rose by 1.4 million barrels, compared to expectations for a 2.2 million barrel decrease, while gasoline and distillate stocks fell more than expected.
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