Crude oil prices fall on surprising US stockpile build and eased Middle East tensions
The oil market has experienced significant volatility this week. A sharp rally on Monday was partially reversed the following day, as concerns about a global surplus began to take hold.
International benchmarks for crude oil shed early week gains after a government report revealed a surprising build in US crude stockpiles while concerns over a wider Middle East conflict eased.
Brent closed 93 cents lower, or 1.15%, at $79.76/barrel.
WTI fell $1.37, or 1.8%, to $76.98/barrel.
The Energy Information Administration (EIA) reported that US commercial crude inventories rose by 1.36 million barrels last week, ending a six-week streak of declines.
The oil market has experienced significant volatility this week. A sharp rally on Monday was partially reversed the following day, as concerns about a global surplus began to take hold. The International Energy Agency (IEA) highlighted the possibility of a surplus in the fourth quarter if OPEC+ follows through on plans to restore production in October.
Written by: Rochelle Nguyen