|
Oil pares some losses after US inventories drop
Oil prices fell on Thursday, but trimmed today's loss after a drop in the US crude inventories.
The US Energy Information Administration reported today that crude inventories fell 7.3 million barrels to 461.8 million barrels during the past week, beating forecasts of a drop by 3.4 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.
The dollar index fell against a basket of major currencies by 0.3% to 90.6 points as of 18:25 GMT, after hitting a high of 90.9 points and a low of 90.5 points.
As of 18:21 GMT, WTI crude March futures fell 0.7% to $60.7 a barrel, after hitting a day high of $62.2 and a low of $60.3.
Brent April futures fell 0.8% to $63.8 a barrel, after hitting a high of $65.5 and a low of $63.6.
US crude inventories fall over 7 million barrels
The US Energy Information Administration revealed today that the country's crude inventories fell 7.3 million barrels to 461.8 million barrels last week, more than analysts' forecasts of a drop by 3.4 million barrels.
MorePalladium slips despite falling dollar and demand hopes
Palladium prices fell on Thursday, despite the US dollar's drop against most of its peers, and optimism about the global economic recovery.
MoreUS stocks drop in early trading after disappointing data
US stock indices opened lower on Thursday, after the release of disappointing economic data.
More