Oil prices retreat ahead of inventory data
Xinhua, October 28, 2015 Adjust font size:
Oil prices dropped Tuesday as traders awaited the U.S. inventory data.
On Wednesday, the U.S. Energy Information Administration (EIA) is due to release the inventories data of last week. Traders expected the stockpiles to gain for about 3.5 million barrels.
For the week ended Oct. 16, U.S. crude supplies gained 8 million barrels to 476.6 million barrels, 98.9 million barrels more than a year ago, according to the EIA's weekly report.
U.S. crude production of that week was unchanged at 9.096 million barrels a day, according to the report.
U.S. dollar rises ahead of Fed statement Tuesday. The stronger dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.
The West Texas Intermediate for December delivery moved down 78 cents to settle at 43.2 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 73 cents to close at 46.81 dollars a barrel on the London ICE Futures Exchange. Endit