Oil Prices Fall after Unexpectedly Rise in US Crude Inventories

Oil prices fell on Wednesday after a report showed that US crude inventories unexpectedly rose, while concerns about the impact of a possible widening conflict in the Middle East on production eased slightly. Brent crude futures fell 41 cents, or 0.5 percent, to $80.28 a barrel, while US West Texas Intermediate (WTI) crude futures fell more than $1 to $77.32 a barrel. Earlier today, data from the US Energy Information Administration showed that US crude oil inventories rose by 1.4 million barrels, compared to expectations for a 2.2 million barrel decrease, while gasoline and distillate stocks fell more than expected. Source: Qatar News Agency