Oil keeps losses despite surprise drop in US inventories

Oil prices fell on Wednesday, despite the US dollar drop against most currencies and the US crude inventory falling unexpectedly.

The US Energy Information Administration (EIA) showed today that the US crude inventories fell by 2.1 million barrels during the past week, beating forecasts of rising by 3.5 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories fell by 483,000 barrels during same period.

The dollar index fell against a basket of currencies by 0.4% to 97.2 points as of 17:16 GMT, after it hit a high of 97.6 and a low of 97.2.

As of 17:11 GMT, West Texas Intermediate crude fell 0.2% to $36.7 a barrel, after it hit an intraday high of $38.1 and a low of $35.8.

While Brent fell 0.4% to $39.4 a barrel, with a high of $40.5 and a low of $38.7.