Oil slumps as US inventories rise unexpectedly

Oil prices fell during today's trading, on pressure from the dollar's rebound against most major currencies in addition to the release of US inventories data, which rose unexpectedly during last week.

The Energy Information Administration (EIA) revealed that oil inventories in The US rose by about 5.5 million barrels last week, while analysts expected a decline by half a million barrels in the same period.

On the other hand, the dollar index (against a number of major currencies) rose by 0.4% to 97.9 points at 16:34 GMT, the highest level at 97.9 points and the lowest level at 97.5 points.

Meanwhile, The markets absorbed the US administration's decision to stop the waivers granted to Iran's crude importers, which have been imposed on Iran in order to reduce its oil exports to zero.

In terms of trading, by 16:35 GMT, West Texas price fell by 0.8% to $65.7 a barrel, the highest price of the day at $66.4 and the lowest price at $65.6.

Brent fell 0.1% to $74.4 a barrel, with a high of $74.7 and a low of $74.02.