US crude settles 3.2% lower at $102.43 per barrel as surprise inventory build rattles traders

West Texas Intermediate crude oil futures dropped 3.2% to settle at $102.43 per barrel on September 16, snapping back from a sharp rally in the prior session. The culprit: an unexpected surge in US crude inventories that caught the market leaning the wrong way. The American Petroleum Institute reported that US crude stocks rose by 7.1 million barrels for the week ending September 11. Analysts had expected a drawdown. From rally to reversal in 24 hours Just one session earlier, WTI had climbed more than $3 on the back of fresh supply fears. A Houthi attack on Saudi Arabia’s East-West pipeline, a critical piece of infrastructure that allows oil to bypass the Strait of Hormuz, had reignited concerns about the vulnerability of Middle Eastern supply routes. Brent crude, the international benchmark, traded in the $107 to $108 range on the same day. WTI’s front-month futures had been bouncing between $102 and $105 heading into the session, and the inventory report pushed prices toward the bottom of that range. The bigger picture: oil in 2026 WTI prices in 2026 have averaged significantly above corresponding levels from the previous year, with year-over-year gains running around 60%. The S...