US crude drops 2.2% ahead of inventories data

Oil prices fell today to deepen losses ahead of the US crude inventories data and amid anticipation for OPEC meeting scheduled for next month.

Several news agencies reported that the Russian government is unlikely going to agree on more output cuts under the OPEC agreement in the next OPEC's meeting by December in Vienna.

The American Petroleum Institute (API) will release its preliminary data on the US crude inventories later today, while the US Energy Information Administration (EIA) will unveil the official data tomorrow.

Otherwise, the dollar index held against a basket of major currencies at 97.8 points as of 17:10 GMT, and hit an intraday high of 97.8 and a low of 97.7.

As for oil, the US crude benchmark (WTI) shed 2.2% to $55.7 a barrel as of 17:03 GMT, with a session-high $57.1, and a low of $55.5.

Brent lost 1.7% to $61.3 a barrel, with a high of $62.5 and a low of $61.1.