Oil drops despite falling US inventories


Oil drops despite falling US inventories

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.


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