1. Oil prices fall as industry data points to rising U.S. crude stocks

Oil prices fall as industry data points to rising U.S. crude stocks

Oil prices fell in early Asian trade on Wednesday, after industry data showed U.S. crude inventories rose last week, even as the dollar fell from a three-month high.

By: | Published: July 22, 2015 8:41 AM

Oil prices fell in early Asian trade on Wednesday, after industry data showed U.S. crude inventories rose last week, even as the dollar fell from a three-month high.

U.S. crude, also known as West Texas Intermediate (WTI), for September delivery was trading 45 cents lower at $50.41 a barrel by 0108 GMT, after closing 42 cents higher.

The WTI August contract, which expired on Tuesday, settled 21 cents higher at $50.36 a barrel, after slipping to $49.77 intraday.

The September Brent futures contract was trading 34 cents lower at $56.70 a barrel, after rising 39 cents in the previous session.

Prices came under pressure as data from industry group the American Petroleum Institute (API) showed U.S. crude stocks rose 2.3 million barrels last week.

Crude inventories at Cushing, Oklahoma, the delivery point of WTI, rose by 885,000 barrels, the data showed.

In a poll by Reuters, eight analysts forecast U.S. commercial crude oil stocks to have risen by 2.3 million barrels on average in the week ended July 17.

“Any indication of rising oil inventories in this week’s EIA weekly report is likely to weaken oil prices further,” analysts at ANZ said in a note to clients.

The U.S. Energy Information Administration (EIA) is due to publish weekly data at 1430 GMT on Wednesday.

Prices came under pressure even as the dollar  retreated from a three-month high against a basket of currencies. A weaker greenback makes oil less expensive for consumers using other currencies.

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