U.S. oil reserves fall less than expected

U.S. oil inventories decreased by less than expected, falling by 640,000 barrels during the week ending September 11 to reach 423.4 million barrels. Analysts had forecast a decline of about 1.6 million barrels. Additionally, inventories of fuel and refined products rose, with gasoline inventories increasing by 794,000 barrels and distillate stocks climbing by 1.6 million barrels. This exerted downward pressure on oil prices, with West Texas Intermediate crude dropping by more than 3% to nearly $102.60 per barrel, despite consumer inventories remaining at relatively comfortable levels.

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