Oil markets slipped on Wednesday after the American Petroleum Institute reported a surprise build in U.S. crude inventories. Brent crude futures fell 93 cents, or 0.86%, to $107.82 a barrel, and U.S. West Texas Intermediate (WTI) dropped 97 cents, or 0.92%, to $104.86 a barrel.

Inventory surprise fuels price decline

API data showed crude inventories rose by 7.1 million barrels in the week ended September 11, far above analysts’ expectations for a draw of about 1.6 million barrels, according to a Reuters poll. The same report noted unexpected increases in gasoline and diesel stocks, adding further pressure on prices.

Saudi pipeline concerns linger

Supply worries were amplified by Saudi Arabia’s decision to suspend oil loadings at its Yanbu port after the country’s East‑West pipeline to the Red Sea was damaged in an attack by Yemen’s Iran‑aligned Houthis. The pipeline, which moves roughly 4 million barrels per day—about 4% of global supply—has been a key route for Saudi crude to reach Asian markets.

U.S. Energy Secretary Jennifer Granholm said the pipeline is expected to resume flow within days, though sources gave differing timelines, ranging from five to six weeks for full repairs to a partial restart sooner as work continues.

Regional impacts and market outlook

Despite the regional stock increases, Haitong Futures noted that the underlying tightness in the global crude market remains unchanged. The market will continue to watch Saudi shipment levels to Europe and the status of the Yanbu loading facility for further direction.

In unrelated news from Libya, the National Oil Corporation reported temporary shutdowns at three oil fields after members of the Petroleum Facilities Guard closed a valve on the Hamada‑Zawiya export pipeline. Production, however, remains steady at about 1.4 million barrels per day.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.