Doha: Oil prices fell more than 1% on Wednesday following a surprise surge in US crude inventories. Brent crude futures dropped 80 cents, or 1.2%, to reach USD65.32 per barrel, while US West Texas Intermediate (WTI) futures fell 92 cents, or 1.5%, to USD62.25 per barrel.

According to Qatar News Agency, the US Energy Information Administration reported that crude inventories in the United States rose by 3 million barrels, reaching 426.7 million barrels. This unexpected increase in stockpiles has contributed to the downward pressure on oil prices, which have been fluctuating due to various market dynamics.

The rise in inventories suggests a potential shift in demand-supply balance, prompting market participants to reassess their projections. The report has intensified discussions among analysts regarding the future trajectory of oil prices, especially in the context of ongoing global economic uncertainties.