Off the wire
• Gold up on Turkey coup, despite stronger U.S. dollar  • June breaks global heat record for 14th consecutive month: U.S. climate agency  • Feature: Tanzanian student invents cost-effective irrigation technology  • Iraqi PM accepts resignation of 5 cabinet members  • Nigeria FA confirms Le Guen's rejection of Super Eagles job  • News Analysis: Experts call for military reforms to stabilize South Sudan  • Nigerian president approves funds for Rio Olympics  • Roundup:British Labour leader to face single challenger after Angela Eagle quits race  • U.S. dollar rises against most major currencies  • Oil prices decline ahead of U.S. stockpile data  
You are here: 　 Home

Oil prices keep falling ahead of U.S. stockpile data

Xinhua, July 20, 2016 Adjust font size:

Oil prices ended lower Tuesday as investors awaited the Energy Information Administration's (EIA) inventory data scheduled for release Wednesday.

Traders kept a close eye on U.S. crude inventory data, which was expected to drop for a ninth straight week.

A Reuters poll of oil market analysts showed U.S. crude stockpiles likely fell 2.2 million barrels last week.

However, a rallying dollar and a global fuel glut offset the support of a declining forecast.

The dollar index, which tracks the greenback against six major peers, rose to a four-month high Tuesday, making dollar-denominated oil less attractive for holders of other currencies.

The West Texas Intermediate for August delivery dropped 0.59 U.S. dollar to settle at 44.65 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery fell 0.30 dollar to close at 46.66 dollars a barrel on the London ICE Futures Exchange. Endit