Oil retreated from ten-month highs on a surprising buildup in US inventories.
Weighing on the market was the latest inflation data in the US showing consumer prices in August rose the most in more than a year
International benchmarks for crude oil retreated from ten-month highs on Wednesday, 13 September 2023 following a report from the Energy Information Administration (EIA) showing a 4 million barrels built-up in commercial crude inventory in the US last week. Analysts initially expected a 1.9 million barrel draw.
Weighing on the market was the latest inflation data in the US showing consumer prices in August rose the most in more than a year, threatening further interest rate hikes from the FED. Meanwhile, the EU Central Bank is set to increase key interest rates further despite a slowing economy.
Brent dipped 18 cents to close at $91.88/barrel.
WTI fell 32 cents to close at $88.52/barrel.