Oil Prices Slip as Unexpected US Crude Inventory Build Offsets Fuel Drawdowns

Oil prices retreated, with Brent falling 0.8% to $102.29 per barrel and WTI dropping 0.6% to $91.64, pressured by an unexpected build in U.S. crude inventories. The Energy Information Administration reported commercial crude stocks rose by 3.0 million barrels to 426.4 million barrels for the week ended September 18, defying forecasts predicting a draw of roughly 500,000 to 641,000 barrels. Slower refinery operating rates, down 2.8 percentage points to 94%, contributed to the buildup. Although gasoline and distillate inventories dropped by 1.7 million barrels and 0.4 million barrels, the crude buildup curbed earlier market gains.