SINGAPORE: Global crude oil prices fell on Wednesday after posting gains for two consecutive sessions, as a larger-than-expected increase in US oil inventories put pressure on the market. However, concerns over supply disruptions in the Middle East limited the decline.
Brent crude futures fell by 73 cents, or 0.67%, to $108.02 per barrel, while US West Texas Intermediate (WTI) crude declined by $1.10, or 1.04%, to $104.73 per barrel.
Both major benchmarks had gained more than $3 a barrel a day earlier, reaching their highest levels since May 19.
The previous surge was driven by growing concerns over global oil supplies following disruptions at Saudi Arabia’s Yanbu port and a reduction in Saudi crude shipments to European markets.
The supply concerns have continued to support oil prices despite the latest pressure from rising US inventories.
