Oil prices are down 3% with a continuous increase in US inventories

Oil prices fell by about 3% after US crude inventories rose more than expected, in addition to the strengthening of the US dollar, which makes oil more expensive for buyers in other currencies.

The US Energy Information Administration said that US crude inventories rose by 3.9 million barrels last week to 440.8 million barrels with an increase in oil production to about 12.1 million barrels per day, while gasoline stocks fell by 900 thousand barrels to 205.7 million barrels. Brent crude futures fell by $2.71, or 2.8%, to $92.65 a barrel, and US West Texas Intermediate crude futures fell by $3.08, or 3.5%, to $85.83 a barrel.