Oil News

Oil held steady below $79 on Wednesday, as bearish industry data showing a surprise rise in U.S. crude inventories and the firm dollar, were balanced by falls in fuel stocks due to higher heating demand during winter.

Crude Oil steady as inventories come out in the minus

Oil held steady below $79 on Wednesday, as bearish industry data showing a surprise rise in U.S. crude inventories and the firm dollar, were balanced by falls in fuel stocks due to higher heating demand during winter. “In anticipation of this week’s API and EIA data, investors were expecting some pretty substantial draw-downs, not just in oil products but also in crude as refiners increased their operations,” said Ben Westmore, commodities economist at National Australia Bank. Oil was also dampened by the strong dollar, which posted gains against most major currencies on Tuesday, and climbed to a two month peak versus the yen, boosted by a report showing a rise in U.S. consumer confidence this month. Crude Oil is trading at $79.32 as of 21:06pm, with a bearish trend. Crude