Oil fell for the second straight day on strong dollar, rise in US crude stocks
A stronger US dollar coupled with a surprise rise in US commercial crude gasoline inventories were blamed for the bearish trading sentiment.
International benchmarks for crude oil ended the trading session on Wednesday, 27 March 2024 lower, marking the second losing session in a row. A stronger US dollar coupled with a surprise rise in US commercial crude gasoline inventories were blamed for the bearish trading sentiment.
According to EIA, US commercial crude inventory jumped 3.2 million barrels last week while gasoline stocks added 1.3 million barrels. Industry insiders said gasoline demand in the US also fell for the second straight week to 8.7 million barrels per day last week from 8.8 million bpd the week before.
Brent loses 16 cents to close at $86.09/barrel.
WTI fell 27 cents to settle at $81.35/barrel.