Oil pares early gains, turns lower despite US inventories drawdown

2021-01-13 18:47:47 GMT (Economies.com)
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.

 
 
 
  Symbol Last Change Chg.%
1.2124
0.0059
0.4907%
1.3672
0.0123
0.9071%
Tadawul
8878.30
-29.61
0.33%
25.736
0.831
3.335%
53.071
0.771
1.474%
56.08
-0.23
0.41%
1868.890
32.775
1.785%
 
 
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