Oil Prices Dip On Stronger Dollar Rise In U.S. Crude Stocks Data

 Crude oil futures fell in early trade on Wednesday as the U.S. dollar held around three-week highs and industry stocks data indicated a build in U.S. crude inventories.

 

International Brent crude oil futures were trading at $48.27 per barrel at 0052 GMT, down 10 cents, or 0.2 percent, from their previous close.

 

U.S. West Texas Intermediate (WTI) crude futures were down 16 cents, or 0.4 %, at $46.19 a barrel.

 The U.S. dollar index, which measures the currency against a basket of six majors, rose as high as 96.143, its highest level since Aug. 9, on Tuesday.

 

A stronger greenback makes dollar-priced commodities like oil more expensive for holders of other currencies and possibly capping demand.For More Information Free Stock Tips, Mcx Tips, Commodity Market Tips, Intraday Trading Tips, Free Equity Tips on Mobile and you can call us on :-9827808090.

 

U.S. crude stocks rose by 942,000 barrels in the week to Aug. 26 to 525.2 million, nearly in line with analysts' expectations for an increase of 921,000 barrels, data from industry group the American Petroleum Institute showed on Tuesday.

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