Oil prices fell on Wednesday as government data showed U.S. crude inventories climbed more than expected.
The Energy Information Administration said in its weekly report on Wednesday that U.S. crude inventories added 3 million barrels for the week ending Feb. 23, compared with analyst expectations for a build of 2.1 million barrels.
The market was also pressured by a stronger U.S. dollar on Wednesday, which made the dollar-priced oil less attractive for holders of other currencies.
The West Texas Intermediate(WTI) for April delivery decreased 1.37 U.S. dollar to settle at 61.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery lost 0.85 dollar to close at 65.78 dollars a barrel on the London ICE Futures Exchange
The Energy Information Administration said in its weekly report on Wednesday that U.S. crude inventories added 3 million barrels for the week ending Feb. 23, compared with analyst expectations for a build of 2.1 million barrels.
The market was also pressured by a stronger U.S. dollar on Wednesday, which made the dollar-priced oil less attractive for holders of other currencies.
The West Texas Intermediate(WTI) for April delivery decreased 1.37 U.S. dollar to settle at 61.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery lost 0.85 dollar to close at 65.78 dollars a barrel on the London ICE Futures Exchange
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