Oil prices fell on Wednesday as government data showed the U.S. stockpiles rose more than expected.
U.S. Energy Information Administration said in its weekly report on Wednesday that the country's stockpile of crude oil added 1.6 million barrels in the week through March 23, beating market expectations. Stocks also jumped by 1.8 million barrels at the closely watched delivery hub for U.S. crude located in Cushing, Oklahoma.
Meanwhile, a strong U.S. dollar also weighed on the market as it made the dollar-priced oil less attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, increased 0.39 percent at 89.372 in late trading.
The West Texas Intermediate (WTI) for May delivery decreased 0.87 U.S. dollar to settle at 64.38 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.58 dollar to close at 69.53 dollars a barrel on the London ICE Futures Exchange.
U.S. Energy Information Administration said in its weekly report on Wednesday that the country's stockpile of crude oil added 1.6 million barrels in the week through March 23, beating market expectations. Stocks also jumped by 1.8 million barrels at the closely watched delivery hub for U.S. crude located in Cushing, Oklahoma.
Meanwhile, a strong U.S. dollar also weighed on the market as it made the dollar-priced oil less attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, increased 0.39 percent at 89.372 in late trading.
The West Texas Intermediate (WTI) for May delivery decreased 0.87 U.S. dollar to settle at 64.38 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.58 dollar to close at 69.53 dollars a barrel on the London ICE Futures Exchange.
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