Oil falls after US oil inventories unexpectedly rise

Oil prices fell about 2% today after US oil inventories unexpectedly rose last week after oil rose to multi-year highs, and the price of global benchmark Brent crude is up more than 50% this year so far. The US Department of Energy said that US crude stocks rose by 2.3 million barrels last week, and it was expected that stocks would fall by 418,000 barrels, while gasoline stocks rose, while distillate stocks fell slightly.

Brent crude futures fell $1.48, or 1.8%, to $81.08 a barrel, after rising earlier in the session to their highest level since October 2018 at $83.47, and US West Texas Intermediate crude futures fell $1.50, or 1.9%, to 77.43. After hitting its highest level since November 2014, at $79.78.