NY oil prices fall 0.75% on news of rising U.S. crude inventories

New York oil prices fell on news that U.S. crude inventories rose unexpectedly despite Russia-Ukraine war concerns.

On the New York Mercantile Exchange, West Texas Intermediate for December delivery closed at $68.87 a barrel, down $0.52 and 0.75% from the previous session.January delivery, which will be close to the end of the

session, fell $0.49 and 0.71% to $68.75 after the close of the
session.

Brent crude oil for January delivery, which is subject to international market comparisons, closed at $72.81 a barrel, down $0.5 and 0.68% from the previous session, reversing a three-day decline.

Oil prices gained ground in early trading on growing geopolitical concerns over the Russia-Ukraine war, but the gains weakened after the U.S. weekly announcement of crude inventories and eventually reversed course.