Oil prices fall as US crude stocks rise; Brent at $107.82 a barrel

Oil prices declined on Wednesday following an unexpected rise in US crude inventories.

Brent crude futures fell by 93 cents, or 0.86 percent, to $107.82 a barrel, while US West Texas Intermediate futures dropped 97 cents, or 0.92 percent, to $104.86 a barrel.

Both benchmark contracts had closed more than $3 higher on Tuesday, reaching their highest levels since May 19, as a suspension of loading operations at Yanbu heightened supply concerns and Saudi Arabia reduced oil shipments to Europe.

According to Reuters, market sources cited data from the American Petroleum Institute on Tuesday indicating that US crude, gasoline, and distillate inventories all rose last week.

The sources said crude inventories increased by 7.1 million barrels in the week ending September 11, compared to analysts’ expectations in a Reuters poll for a decline of about 1.6 million barrels.