Crude Oil Prices Flat After Hike in Inventories

0 – Oil prices were flat on Wednesday, as U.S. crude stockpiles rose higher than expected.

West Texas Crude oil futures for November fell 0.01% to $69.58 a barrel as of 5:09 AM ET (9:09 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., decreased 0.18% to $78.89 but still remained near four-year highs.

Data from the American Petroleum Institute (API) showed on Tuesday that U.S. crude stocks hiked by 1.2 million barrels to 397.1 million in the week to Sept. 14, opposed to market expectations of a drop of 2.7 million barrels.

Prices of oil have been driven higher in recent months as investors anticipate pressure from U.S. sanctions against Iran. The sanctions, which are expected to go into effect on November 4, have already caused Iran’s crude exports to fall.

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