Oil falls over 1% as US inventories rise

Oil drilling rigs

Oil closed lower today, Feb. 15, amid continuing geopolitical tensions in the Middle East and after a sharp rise in US inventories as demand fell.

Brent crude for April delivery fell by about 1.4%, or $1.17, to close at $81.60 per barrel, after rising to $83.61 during the session.

WTI crude for March delivery declined 1.6%, or $1.23, to $76.64 per barrel, after rising during trading to $78.77.

Data from the US Energy Information Administration showed that oil inventories rose by 12 million barrels during the week ended Feb. 9, while expectations indicated an increase of 3.3 million barrels.

The weekly report showed a decrease in demand for oil, as measured by final products supplied to the American market, by 973,000 barrels per day during the period.