Oil trims gains despite strong fall in US inventories

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Oil trims gains despite strong fall in US inventories

Oil prices rose during trading on Wednesday, amid positive stability of the dollar against most major currencies, and crude trimmed its gains despite the decline in US inventories.

And the Energy Information Administration announced today that crude stocks in America fell by 7.4 million barrels to 466.7 million barrels last week, while analysts expected a decrease of 4.2 million barrels.

Yesterday, the American Petroleum Institute revealed, in unofficial preliminary data, a decline in oil inventories by about 8.5 million barrels during the same period.

On the other hand, the dollar index settled against a basket of major currencies by 17:33 GMT with less than 0.1% to 90.5 points, and recorded the highest level at 90.5 points and the lowest level at 90.4 points.

In terms of trading, US “NYMEX” crude futures for July delivery by 17:30 GMT decreased 0.1% to $ 72.02 a barrel, and recorded the highest price at $ 72.9 and the lowest price at $ 71.8.

Brent crude futures for August delivery rose 0.3% to $74.2 a barrel, and recorded the highest price at $74.9 and the lowest price at $73.9.







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