28 March 2024, Thursday, 22:20
Support
the website
Sim Sim,
Charter 97!
Categories

Oil prices fall after recent growth

Oil prices fall after recent growth

Oil prices fell on Thursday on a surprise build in U.S. inventory levels and a firm dollar, according to Reuters.

Brent dropped 31 cents to $50.19 a barrel as of 06:50 GMT, having gained 94 cents in the previous session. Brent hit a low of $49.95 earlier in the day, Reuters has reported.

U.S. crude fell 23 cents to $46.02 a barrel, off the day's low of $45.65, after settling up 84 cents on Wednesday.

U.S. crude has see-sawed, climbing 27.5% over three trading sessions to Monday's close - its biggest such gain since August 1990 - after plunging to a 6-1/2-year low of $37.75 a barrel early last week.

U.S. crude stocks saw an unexpected gain of 4.7 million barrels to 455.4 million in the week to August 28, the biggest one-week rise since April, data from the U.S. Energy Information Administration showed. Analysts had expected inventories to remain unchanged.

A firmer U.S. dollar also hurt oil prices by making the commodity expensive for holders of other currencies.

Investors are awaiting the outcome of a European Central Bank policy meeting later on Thursday, while U.S. non-farm payroll data is due on Friday. Chinese markets are closed for a holiday on Thursday and Friday.

Write your comment

Follow Charter97.org social media accounts