Oil Falls to Two-Week Low as U.S. Supply Gain Seen, Dollar Rises
- Crude stockpiles climbed 1.3 million barrels: Bloomberg survey
- Commodities drop, dollar rises to one-month high versus peers
Oil as a Wild Card in Fed's Inflation Expectations
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Oil dropped to a two-week low before a government report that’s projected to show U.S. crude stockpiles increased, while a strengthening dollar weighed on commodities.
Crude supplies probably climbed by 1.3 million barrels last week, a Bloomberg survey showed before an Energy Information Administration report on Wednesday. The dollar rose to the highest in more than three weeks, curbing the appeal of raw materials denominated in the currency to investors. Iran aims to raise oil output to 4 million barrels a day by the end of 2016, Mansour Moazami, deputy minister of industry, mines and trade said in Norway.