Oil News

Crude Oil slips as the Dollar rises and inventories jump higher

Crude Oil slips as the Dollar rises and inventories jump higher

Crude Oil is trading at $77.46 as of 21:47PM, London Time.

U.S. crude oil futures fell on Wednesday ahead of government inventory data, pressured by the stronger dollar and stock markets weakened amid caution about economic recovery. The yen and U.S. dollar gained as weakness in equities amid doubts about global growth rekindled safe-haven demand for both currencies. The American Petroleum Institute said late Tuesday that U.S. commercial crude oil inventories fell 3.5 million barrels in the week to Oct. 23 as imports slipped. The API said gasoline stockpiles dropped 255,000 barrels and distillate stocks were off 671,000 barrels. Crude Oil is trading at $77.46 as of 21:47PM, London Time.