Oil deepens losses despite US inventories data

Oil prices fell on Wednesday, despite the release of US inventories data.

The Energy Information Administration reported today that the US crude inventories fell 6.9 million barrels to 445.5 million barrels during the past week, while analysts forecasts a drop by 6.2 million barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 7.98 million barrels during the same period.

Reuters quoted informed sources that Saudi Arabia and the UAE were able to resolve their dispute over OPEC+ production policy, and set a higher baseline output level for the UAE at 3.65 million bpd after the end of the current cut agreement in April 2022.

The dollar index fell against a basket of major currencies by 0.38% to 92.4 points as of 17:45 GMT, after hitting a high of 92.8 points and a low of 92.3 points.

As of 17:42 GMT, WTI crude April futures fell 2.9% to $73.07 a barrel, after hitting a high of $75.4 and a low of $72.2.

Brent May futures fell 2.4% to $74.6 a barrel, after hitting a high of $76.7 and a low of $73.7.