Oil falls as US inventories rise

Oil drilling rigs

A surprise rise in US crude inventories along with the Federal Reserve’s decision to increase interest rates, played on investor sentiment pulling down oil prices today, March 23.

International benchmark Brent crude was trading down 0.63% at $76.21 a barrel, at 10:06 am Makkah time.

West Texas Intermediate (WTI) crude fell 0.75% to $70.37 a barrel.

Latest data from the US Energy Information Administration showed an increase in oil inventories by 1.1 million barrels, in contrast to estimates of a decline of 1.7 million barrels.

Meanwhile, five international oil companies active in Brazil, headed by Shell, petitioned a federal court to suspend crude oil export restrictions imposed by the new president, President Luiz Inacio Lula da Silva, immediately after he took office.