Oil Slumps as Traders Brace for Supply Increase, Stronger Dollar
- Greenback appreciation reduces appeal of commodity investments
- U.S. crude inventories rose 3.43 million barrels: API
ADCBs Malik Says OPEC Is Focused on Inventory Drawdown
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Crude held on to losses after an industry report showed U.S. crude stockpiles rose by more than expected last week.
Futures in New York traded near the settlement after the American Petroleum Institute was said to report crude inventories jumped 3.43 million barrels last week. That’s larger than the 1.23 million-barrel-rise analysts in a Bloomberg survey were expecting. During the session, the dollar’s rise to the highest in more than three months also weighed on crude prices