Oil prices ease as US crude inventories rise
Brent crude futures were down 1 cent at $95.41 a barrel at 0242 GMT on 13 Nov, while US West Texas Intermediate fell 20 cents to $88.52 a barrel. Brent is set to fall 2.4% this week after a 16% drop the previous week, and WTI is set to fall 2.5% after a 13% drop. Earlier, on 12 Nov, prices had slipped about 1.2% after US crude stocks rose by 9 million barrels in the latest week, according to market sources citing the American Petroleum Institute.
Key facts
- Iran's military said four oil tankers were hit by explosions in the Strait of Hormuz on Thursday.
- US President Donald Trump said on Truth Social that a deal with Iran is not necessary to end the war.
- Official US Energy Information Administration data was delayed a day by a US national holiday.
Summarised with AI from 3 sources · Updated 05:11Read our AI policy
Why it matters
Lower crude prices and rising US inventories bear on fuel costs and energy markets.
What changed
CNA joined as a source
First published from OilPrice.com and The Economic Times