Oil Prices Decline Following Unexpected Rise in US Crude Inventories

Oil prices declined in early Asian trading today following an unexpected increase in US crude inventories, while investors assessed global supply risks. Brent crude futures fell by 93 cents, or 0.86%, reaching $107.82 per barrel at 00:28 GMT. Similarly, US West Texas Intermediate (WTI) crude futures dropped 97 cents, or 0.92%, to $104.86 per barrel. This downturn occurred after both benchmark crudes closed yesterday with gains exceeding three dollars, marking their highest levels since May 19.