Oil prices plunge as U.S. inventories gain unexpectedly
Oil price plummeted Wednesday after government data showed that
U.S. inventories rose unexpectedly last week, Xinhua reported.
U.S. crude supplies of last week increased 2.4 million barrels to
465.4 million, said Energy Information Administration (EIA) in its
Wednesday weekly report.
Inventories at Cushing, Oklahoma, the delivery point for the U. S.
contract added 0.2 million barrels to 56.4 million barrels.
U.S. crude production gained 3,000 barrels to 9.6 million barrels a
day that week. The still high-level domestic crude output dragged
the market down.
A rally in the U.S. dollar also weighed on the market as stronger
greenback made the dollar-priced crude more expensive and more
attractive for buyers holding other currencies. The dollar index,
which measures the greenback against six other peers, was up 0.82
percent at 96.271 in late trading.
The U.S. benchmark, West Texas Intermediate for August delivery
moved down 2.51 U.S. dollars to settle at 56.96 U.S. dollars a
barrel on the New York Mercantile Exchange. The global benchmark,
Brent crude for August delivery decreased 1.58 dollars to close at
62.01 dollars a barrel on the London ICE Future Exchange.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!