Oil benchmarks drop as US crude inventories rise by 1.019 million barrels

Oil benchmarks fell after the American Petroleum Institute reported that U.S. commercial crude inventories rose by 1.019 million barrels for the week ending September 25, defying expectations of a draw. WTI crude fell 3.93% to $88.96 per barrel, while Brent slipped 2.83% to $102.32 per barrel. Gasoline inventories rose by 2.991 million barrels, whereas distillate stocks declined by 286,000 barrels. The report follows the prior week's 1.786 million barrel build. Additionally, the U.S. government is offering up to 40 million barrels from the Strategic Petroleum Reserve, with bids closing October 6.