Oil prices fall as U.S. crude inventories rise despite Saudi pipeline attack
U.S. crude stockpiles unexpectedly increased, offsetting concerns about supply disruptions from an Iran-backed attack on Saudi Arabia's East-West pipeline.
Oil prices declined Wednesday following a report of rising U.S. crude inventories, which traders cited as outweighing concerns over potential supply disruptions from an attack on Saudi Arabia's East-West pipeline attributed to Iran-backed forces.
The inventory increase prompted selling pressure that dominated market sentiment, despite the geopolitical tension surrounding the pipeline incident.
Sources
- Oil falls as U.S. crude inventories reportedly rise, traders weigh Saudi pipeline closure — CNBC — Top News
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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