U.S. oil price fell Tuesday as traders worried that global supplies exceed demand. There was a lot of volatility on the oil market Tuesday.
The U. S. energy Information Administration (EIA) will release last week' s inventories data Wednesday. Traders expected the stockpile to fall for about 1.25 million barrels, but it's still at a historically high level.
For the week ended Sept. 11, U.S. crude supplies dropped 2.1 million barrels to 455.9 million barrels.
The U.S. dollar increased against most major currencies Tuesday as recent remarks by some Federal Reserve officials renewed market expectation for interest-rate hikes this year.
A stronger dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.
The West Texas Intermediate for October delivery moved down 85 cents to settle at 45.83 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 16 cents to close at 49.08 dollars a barrel on the London ICE Future Exchange.
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