Oil falls 1% due to a sudden increase in US inventories[/rtl]
[rtl]Release date:: 9/29/2019 0:31 • 159 times read[/rtl]
Oil prices fell more than one percent, marking the second consecutive session of losses after an unexpected increase in US crude inventories as Saudi Arabia continues to recover faster than expected oil production.
Oil futures have also been hit by the dollar's rally, as well as a formal investigation by the US-led House of Representatives to hold President Donald Trump accountable.
Brent crude was down 71 cents, or 1.1 percent, to settle at $ 62.39 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 80 cents, or 1.4 percent, to close at $ 56.49 a barrel.
The US Energy Information Administration said crude oil inventories in the United States recorded an unexpected increase of 2.8 million barrels last week, while analysts had expected a decline of 249 thousand barrels.
Informed sources told Reuters that Saudi Arabia had recovered its oil production capacity to 11.3 million barrels per day, achieving a faster-than-expected recovery after the September 14 attacks on two of its oil facilities.
Saudi Energy Minister Abdulaziz bin Salman and Aramco chief executive Amin al-Nasser said production would be fully restored by the end of September.