Oil prices fell, in trading today, Wednesday, amid fears of a global recession and after US data showed an increase in stocks of black gold in the United States.
By 09:45 Moscow time, US West Texas Intermediate crude futures were trading at $70.33 a barrel, down by 0.71% from the previous closing price.
Brent crude futures were traded at $74.47 a barrel, down by 0.59% from the previous settlement price, according to Bloomberg agency data.
The dollar’s rise pressured the 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 oil inventories in the United States increased by 3.7 million barrels during the past week, while gasoline and distillate inventories decreased by 2.46 million barrels and 886 thousand barrels, respectively.
This article was originally published by RT.
