Oil prices fall after US inventory data

Oil drelling rigs

Oil prices closed lower today, Oct. 9, as markets assessed data on US commercial crude inventories for the week ended Oct. 4.

Brent crude futures for December delivery fell 0.8%, or 60 cents, to close at $76.58 a barrel, after touching $75.15.

WTI crude futures for November delivery declined 0.45%, or 33 cents, to $73.24 a barrel, after hitting $71.53.

Data from the US Energy Information Administration revealed that crude inventories rose by 5.8 million barrels last week, while gasoline and distillate inventories fell by 6.3 million and 3.1 million barrels, respectively.

The weekly report showed that oil demand—measured by finished products supplied to the market—rose by about 1.3 million barrels per day to 21.2 million barrels per day, with oil production increasing by 100,000 barrels to 13.4 million barrels per day.