Oil prices decline over 2.5% as dollar strengthens

2022-05-12 14:29:47 GMT (Economies.com)
Oil prices decline over 2.5% as dollar strengthens

Oil prices declined over 2.5% in European trade, recovering from two-week lows as the dollar strengthens against major rivals, with US crude stocks rise unexpectedly. 

 

Oil Prices

 

US crude fell 2.7% to $102.69 a barrel, while Brent shed 2% to $104.76 a barrel.

 

US crude rose 6.6% yesterday, away from two-week lows at $98.23, while Brent rose 5.8% from an April 25 low at 101.38.

 

The Dollar

 

The dollar index rose 0.7% on Thursday for the sixth straight session, hitting a 2002 high at 104.72 against major rivals. 

 

The gains are bolstered by very high inflation data for the US last month, paving the way for several more 0.5% Fed rate hikes this year. 

 

US producer prices rose 0.5% in April, matching estimates and compared to March's 1.4% rise.

 

Core prices, excluding  food and energy, rose 0.4%, missing estimates of 0.6%, and down from 1% in the previous reading. 

 

US Stocks 

 

Official US data showed crude inventories rose 8.5 million barrels last eek, while analysts expected a 1 million barrels deficit, with total stocks now rising to 424.2 million barrels.

 

Gasoline stocks fell 3.6 million barrels, down 5% from 5-year averages, while distillate stocks fell 0.9 million barrels.

 
 
 
  Symbol Last Change Chg.%
1.0734
0.0081
0.7646%
1.2535
-0.0028
0.2225%
22.105
0.194
0.885%
110.097
-0.042
0.038%
113.73
0.32
0.28%
1866.370
9.935
0.535%
 
 
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