Oil closes lower after unexpected rise in US inventories

Oil closed lower today, Aug. 14, after a surprise rise in US crude inventories and amid weak demand forecasts from the OPEC and the International Energy Agency.

Brent crude futures for October delivery fell 1.15%, or 93 cents, to $79.76 a barrel, after touching $81.44.

Meanwhile, WTI crude for September delivery dropped 1.75%, or $1.37, to record $76.98 per barrel, after touching $79.10.

Data from the US Energy Information Administration revealed that oil inventories rose by 1.4 million barrels during the week ended Aug. 9, contrary to expectations of a decrease of about 1.9 million barrels, after a series of inventory declines over six consecutive weeks.

The weekly report showed that US crude production fell by about 100,000 barrels to 13.3 million barrels per day, while crude oil imports rose by 61,000 barrels to 6.3 million barrels per day. Exports increased by 118,000 barrels to 3.8 million barrels per day.Oil closed lower today, Aug. 14, after a surprise rise in US crude inventories and amid weak demand forecasts from the OPEC and the International Energy Agency.

Brent crude futures for October delivery fell 1.15%, or 93 cents, to $79.76 a barrel, after touching $81.44.

Meanwhile, WTI crude for September delivery dropped 1.75%, or $1.37, to record $76.98 per barrel, after touching $79.10.

Data from the US Energy Information Administration revealed that oil inventories rose by 1.4 million barrels during the week ended Aug. 9, contrary to expectations of a decrease of about 1.9 million barrels, after a series of inventory declines over six consecutive weeks.

The weekly report showed that US crude production fell by about 100,000 barrels to 13.3 million barrels per day, while crude oil imports rose by 61,000 barrels to 6.3 million barrels per day. Exports increased by 118,000 barrels to 3.8 million barrels per day.