Oil extends losses as US crude stocks rise by 2.3M barrels, more than expected

August 31, 2016 2:31 PM

15 0

Oil extends losses as US crude stocks rise by 2.3M barrels, more than expected

Crude oil prices extended losses on Wednesday, pressured by a strong U.S. dollar and high stocks of physical oil, though prices remained on track for a monthly gain of 10 percent.

The U.S. Energy Information Administration (EIA) reported crude inventories rose by 2.3 million barrels to a total of 525.9 million barrels in the week through Aug. 26. Analysts had expected an increase of 900,000 barrels, according to a Reuters poll.

Also read: Oil prices hold gains after surge on OPEC output deal

Read more

To category page

Loading...