WTI drops earlier gains after US inventories data

Oil prices showed mixed performance today, trimming gains after the release of the US inventories data, which fell less than expected, and lower than the American Petroleum Institute's (API) data.

The US Energy Information Administration (EIA) revealed today that the US oil inventories fell by 2.7 million barrels last week, less than forecasts of a decline by 3.1 million barrel.

While the API showed yesterday that oil inventories fell by 3.5 million barrels.

By 16:40 GMT, dollar index stabilized at 98.04 points, with a high of 98.1 and a low of 98.01 points.

In the oil market, by 16:36 GMT, WTI fell by 0.3% to $55.9 a barrel, with a high of $57.1 and a low of $55.9.

While Brent rose by 0.8% to $60.5 a barrel, with a high of $61.4 and a low of $60.07.