Crude oil prices under pressure again after API Data
Shital Jibhe / 15 Feb 2017
Oil prices continue to slip in Asian trade, being affected by a stronger dollar and higher than expected growth in US oil inventories.
Oil prices continue to slip in Asian trade, being affected by a stronger dollar and higher than expected growth in US oil inventories.
After a short rally in early trade on Tuesday, crude oil prices gained as the US dollar peaked sharply following Federal Reserve's Janet Yellen's testimony that increased traders’ expectations on interest rate hike.
The American Petroleum Institute reported a build of 9.9 million barrels in the US crude stocks, much more than the expectations of of 3.25 million barrels.
Moreover, the report also disclosed an increase of 717,000 barrels in gasoline supplies and an expansion of 1.5 million barrels in distillates.
The US crude oil price fell by almost 32 cents in Asian trade on Wednesday after a gain of 27 cents in Tuesday trade.
Brent crude oil slipped 29 cents in Asian trade on Wednesday, following a jump of 38 cents in the previous session.
The US dollar surged strongly to the highest level over the last three weeks after Yellen’s optimistic comments on interest rate hike.
A stronger dollar makes oil prices more expensive for consumers using various currencies.
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