US crude drops over 6% after build in US inventories

Economies.com
2020-06-24 18:20PM UTC

Oil prices fell on Wednesday, as the US dollar rose against most of its peers, amid concerns over the escalating trade tensions between the US and the European Union.

 

US President Donald Trump threatened imposing new tariffs on European goods worth $3.1 billion, which may lead Brussels to retaliate with similar tariffs.

 

The US Energy Information Administration (EIA) showed today that the US crude inventories rose by 1.4 million barrels, beating forecasts of a drop by 100,000 barrels.

 

The dollar index rose against a basket of currencies by 0.5% to 97.1 points as of 18:08 GMT, after it hit a high of 97.1 and a low of 96.5.

 

As of 18:05 GMT, West Texas Intermediate crude fell 6.1% to $37.9 a barrel, after it hit a high of $40.5 and a low of $37.3.

 

Brent fell 5.6% to $40.2 a barrel, with a high of $42.8 and a low of $39.6.

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