Oil dips on crude inventory increase, strong dollar

08:06, April 08, 2010      

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Oil prices retreated from nearly 18-month-high on Wednesday as the dollar strengthened and U.S. crude inventory increased for the 10th consecutive week.

Crude halted a six-day rising streak on Wednesday as the dollar rose against a basket of currencies on Wednesday. Usually a strong greenback limits the appeal of commodities like crude as an alternative investment.

Further pressuring on the energy prices was the weekly inventory report from the Energy Department Energy Information Administration, which showed another buildup in the crude supplies.

U.S. commercial crude stockpiles increased by 2.0 million barrels for the week ended on April 2, exceeding average forecasts and marking the 10th consecutive weekly increase. Distillates, which include heating oil and diesel, rose by 1.1 million barrels, first gain in 10 weeks. The report sent crude futures falling to as low as 85.75 U.S. dollars a barrel amid mid-day trading.

Light, sweet crude for May delivery fell 96 cents to settle at 85.88 U.S. dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for May delivery fell 50 cents to 85.65 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua

(Editor:祁澍文)

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