Oil prices fall despite decline in US inventories

Oil drilling rigs

Oil prices fell at the close of trading today, Sept. 17, despite data showing a decline in crude oil inventories in the US—an indication of resilient demand in the world's largest economy.

Brent crude futures for November delivery fell 0.76%, or 52 cents, to settle at $67.95 a barrel. WTI crude futures for October delivery fell 0.73%, or 47 cents, to $64.05 a barrel.

The US Energy Information Administration reported that crude oil inventories fell by 9.3 million barrels to 415.4 million barrels last week, contrary to Wall Street Journal analysts' expectations of a stable draw.

Risks to Russian oil supplies remain a focus of investor attention after Ukrainian attacks on Russian energy infrastructure intensified in recent weeks. Transneft, the operator of Russian oil pipelines, warned producers of potential supply cuts.

The US Federal Reserve cut interest rates by 25 basis points, as expected, and indicated two more cuts of 25 basis points each (total 50 basis points) are possible during the current year.