Oil pares early gains, turns lower despite US inventories drawdown
Oil prices fell on Wednesday, erasing the early gains, despite a drop in the US crude inventories.
The US Energy Information Administration reported today that crude inventories fell 3.2 million barrels to 482.2 million during the past week, on par with forecasts.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 5.8 million barrels during the same period.
The dollar index rose against a basket of major currencies by 0.1% to 90.2 points as of 18:06 GMT, after hitting a high of 90.3 points and a low of 89.9 points.
As of 18:07 GMT, WTI crude February futures fell 0.7% to $52.8 a barrel, after hitting a day high of $53.9 and a low of $52.5.
Brent March futures fell 1% to $55.9 a barrel, after hitting a high of $57.4 and a low of $55.7.
Canadian dollar steadies despite drop in oil prices
The Canadian dollar held against most of its major peers on Wednesday, despite a drop in oil prices, which is one of Canada's main exports.
The coronavirus pandemic is still casting a shadow over the world, as the number of infections is near 100 million cases worldwide, with a death toll of nearly 2 million victims.
As of 17:11 GMT, WTI crude February futures fell 0.7% to $52.8 a barrel, after hitting a day high of $53.9 and a low of $52.5.
Brent March futures fell 1% to $56 a barrel, after hitting a high of $57.4 and a low of $55.7.
As of 17:33 GMT, CAD/USD held at 0.7869, with a high of 0.7872 and a low of 0.7845.
Copper struggles for traction as dollar firms
Copper prices held steadily on Wednesday, weighed down by the US dollar's rally against most major currencies.
US President Donald Trump described the House of Representatives attempts to impeach him as terrible and ridiculous, adding that the country could be face instability if gets removed from office.
Democrats in the US Congress are pushing to impeach President Donald Trump and called on Vice President Mike Pence to invoke the 25th Amendment to remove Trump, but Pence dismissed this step.
Analysts projected that the global economy would recover this year thanks to vaccination campaign and controlling the pandemic.
The dollar index rose against a basket of major currencies by 0.2% to 90.3 points as of 14:51 GMT, after hitting a high of 90.3 points and a low of 89.9 points.
Copper March futures held at $3.60 per pound as of 14:45 GMT, after hitting a high of $3.64 and a low of $3.60.
US crude inventories rise last week
The US Energy Information Administration reported today that crude inventories fell 3.2 million barrels to 482.2 million during the past week, on par with forecasts.
Gasoline stocks rose 4.4 million to 245.4 million barrels, and distillate stocks rose 4.8 million to 163.2 million barrels.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 5.8 million barrels during the same period.