Oil prices fell in trading today, Wednesday, amid fears of a global recession and after US data showed an increase in black gold reserves in the US.
By 09:45 Moscow time, futures for US West Texas Intermediate oil were trading at $70.33 per barrel, which is 0.71% lower than the previous closing price.
Brent futures traded at $74.47 a barrel, down 0.59% from the previous settlement price, according to Bloomberg.
The dollar’s rise weighed on black gold prices as the US currency index, which measures its value against a basket of major currencies, rose 0.13% to 102.70 points.
In addition, data from the American Petroleum Institute showed that US oil inventories rose by 3.7 million barrels over the past week, while gasoline and distillate stocks fell by 2.46 million barrels and 886 thousand barrels, respectively.
Source: RT + Bloomberg
