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Oil prices tumble on U.S. inventories data

Xinhua, April 19, 2017 Adjust font size:

Oil prices extended losses Wednesday as official data showed the first weekly climb in U.S. gasoline supplies in two months.

U.S. gasoline stockpiles rose by 1.5 million barrels last week, defying market consensus of a 2-million decline, according to the weekly report released by the Energy Information Administration (EIA) Wednesday.

U.S. crude inventories, however, fell by 1.0 million barrels last week to 532.3 million barrels, said the EIA.

Moreover, oil prices were under pressure as a stronger U.S. dollar dented investor sentiment, which made the dollar-denominated oil less attractive for holders of other currencies.

The dollar index, which tracks the greenback against six major peers, was up 0.23 percent at 99.731 in late trading on Wednesday.

The West Texas Intermediate for May delivery decreased 1.97 U.S. dollars to settle at 50.44 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 1.96 dollars to close at 52.93 dollars a barrel on the London ICE Futures Exchange. Endit