Oil prices fall after surprise increase in US crude inventories

Oil prices fell on Wednesday after a report showed an unexpected rise in US crude inventories, while concerns about a possible widening conflict in the Middle East on production eased slightly. Brent crude futures fell 41 cents, or 0.5 %, to $80.28 a barrel, while US West Texas Intermediate crude futures fell more than a dollar to $77.32 a barrel. Earlier today, data from the US Energy Information Administration showed that US crude oil inventories rose by 1.4 million barrels, compared to expectations of a 2.2 million barrel decline, and gasoline and distillate inventories fell more than expected. Source: National Iraqi News Agency