Oil turns lower, US crude falls below $70

Oil prices fell on Thursday, as the US dollar steadied against most rivals, while the US crude fell below $70 a barrel once again.

The Energy Information Administration reported today that the US crude inventories fell 5.2 million barrels during the past week, while analysts forecasts a drop by 4.1 million barrels.

The dollar index rose against a basket of major currencies by 0.2% to 90.2 points as of 16:46 GMT, after hitting a high of 90.3 points and a low of 90.02 points.

Oil prices are gaining momentum near their highest levels in several years, lifted by expectations of strong global demand while the coronavirus economic impact fades.

As of 16:41 GMT, WTI crude July futures fell 0.4% to $69.6 a barrel, after hitting a high of $70.6 and a low of $68.6.

Brent August futures fell 0.4% to $71.9 a barrel, after hitting a high of $72.9 and a low of $70.9.