Oil dips on crude inventory increase, strong dollar

08:06, April 08, 2010      

Email | Print | Subscribe | Comments | Forum 

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


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based eastday.com reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion