Oil Prices Dip Before US Inventories Data

Mohammad Ali (@ChaudhryMAli88) Published August 31, 2016 | 07:49 PM

LONDON, (APP - UrduPoint / Pakistan Point News - 31th August, 2016) - Oil fell further Wednesday as dealers awaited the latest update on crude reserves in the United States. At around 1145 GMT, US benchmark West Texas Intermediate for deliveryin October declined 36 cents at $45.99 a barrel. Brent North Sea crude for October lost 54 cents to $47.83 a barrel compared with the close on Tuesday.

prices also fell on the back of the stronger greenback, which makes dollar-denominated commodities more expensive for buyers using weaker currencies.

"In the short-term, oil is likely to find direction from the latest US oil stockpiles report and ... the direction of the US Dollar," said analyst Fawad Razaqzada at trading firm City Index. Later Wednesday the US Department of Energy (DoE) will publish its report on commercial oil inventories for the week ending August 26.