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Oil Prices Fall as US Inventories Grow; Middle East Tensions Persist

Wednesday, 17 April 2024 20:00 WIB Minyak WTI brent oil Oil, Crude Oil

Oil prices drifted lower Wednesday as indications of a large weekly build in U.S. inventories pointed to less tight markets, although prices remained elevated on concerns of a wider conflict in the Middle East. At 08:45 ET (12:45 GMT), Brent oil futures fell 0.9% to $89.23 a barrel, while West Texas Intermediate crude futures fell 0.8% to $84.69 a barrel. Both contracts were trading well below over five-month highs hit last week. Both benchmarks have fallen back from recent highs after data from the American Petroleum Institute showed on Tuesday that U.S crude inventories rose just over 4 million barrels in the week to April 12, much more than expectations for a build of 600,000...

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