Oil prices fell during trading on Wednesday, amid the dollar’s rise against most major currencies, and crude turned to losses despite the release of data that revealed a decline in US inventories.
And the Energy Information Administration announced that crude stocks in America fell by 5.2 million barrels to 474 million barrels last week, while analysts expected a decline of 4.1 million barrels.
The American Petroleum Institute revealed yesterday, in unofficial preliminary data, a decrease in oil inventories by about 2.1 million barrels during the same period.
On the other hand, the dollar index rose against a basket of major currencies by 18:04 GMT by less than 0.1% to 90.1 points, and recorded the highest level at 90.1 points and the lowest level at 89.8 points.
In terms of trading, US “NYMEX” crude futures for July delivery by 18:01 GMT decreased by 0.4% to $69.7 a barrel, and crude recorded the highest price at $70.6 and the lowest price at $69.4.
Brent crude futures for August delivery fell 0.3% to $71.9 a barrel, with the highest price at $72.8 and the lowest at $71.8.