Oil falls as U.S. crude inventories reportedly rise, traders weigh Saudi pipeline closure

Oil retreated Wednesday after a report said U.S. energy inventories rose last week, with investors assessing the latest developments in Middle East conflict and associated supply risks. Futures for international benchmark Brent crude for November delivery dropped 1.02% to $107.64 a barrel. U.S. West Texas Intermediate futures for October declined 1.29% to $104.46 per barrel. U.S. crude oil, gasoline and distillate inventories all rose last week, according to Reuters. Crude inventories rose by 7.1 million barrels in the week ended Sept. 11, compared with analysts' expectations for a draw of about 1.6 million barrels, Reuters reported.