Crude oil slips below $104 as US inventories jump

Crude oil fell below $104 per barrel in Wednesday?s electronic trades, retreating from four-month highs as a surprise build in US inventories prompted profit-taking despite persistent Middle East supply disruptions. The American Petroleum Institute (API) reported a 7.14 million-barrel increase in US crude stocks for the week ended September 11, sharply reversing the previous week?s 300,000-barrel draw. The dollar index near 99.3, close to a one-month high, added pressure ahead of the Federal Reserve?s policy decision and signals on further rate hikes. MCX September crude oil futures fell more than 2% to ₹9,977 per barrel.

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