Oil falls after US stockpiles edge up

Oil drilling rigs

Oil prices slipped today, Oct. 26, following US inventory data and ahead of the quarterly US gross domestic product statistics.

International benchmark Brent crude was trading down 0.25% at $89.89 a barrel, at 08:04 am Makkah time. West Texas Intermediate (WTI) crude fell 0.25% to $85.19 a barrel.

Oil inventories in the United States rose last week by 1.4 million barrels, according to data from the US Energy Information Administration, compared to expectations for an increase of only 239,000 barrels.

The dollar index, which expresses the value of the US dollar against six major currencies, also rose 0.20% to 106.74 points, contributing to the rise in the cost of oil for buyers in other currencies.

In addition to US GDP data for Q3 2023 today, the markets are awaiting the results of the European Central Bank meeting and its decision on monetary policy, with economists expecting rates to remain unchanged.