Oil News

Crude oil trades below $75 despite U.S inventories as the dollar rises

Crude oil trades below $75 despite U.S inventories as the dollar rises

Crude oil is trading at $74.55 as of 8:14am, GMT, with a bullish trend

Oil fell slightly on Wednesday to stand near $75 as a firm dollaroffset a surprise drop in crude stockpiles in top consumer the UnitedStates. Concern that a global economic recovery is cooling propped upthe U.S. dollar and the yen. On Tuesday, China enforced stricterreserve ratios for selected banks, triggering a wave of concern thattightening measures will restrain energy demand. And last week, U.S.President Barack Obama proposed tightening trading rules for banks.Crude oil is trading at $74.55 as of 8:14am, GMT, with a bullish trend.Crude oil