New York, Sep 23 (IANS) The US oil price fell on Tuesday as traders worried that global supplies exceed demand.
There was a lot of volatility on the oil market Tuesday. The US energy Information Administration (EIA) will release last week’s inventories data on Wednesday, Xinhua news agency reported.
Traders expected the stockpile to fall for about 1.25 million barrels, but it’s still at a historically high level.
For the week ended September 11, the US crude supplies dropped 2.1 million barrels to 455.9 million barrels.
The US dollar increased against most major currencies on Tuesday as recent remarks by some Federal Reserve officials renewed market expectation for interest-rate hikes this year.
A stronger dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.
The West Texas Intermediate for October delivery moved down 85 cents to settle at $45.83 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 16 cents to close at $49.08 a barrel on the London ICE Future Exchange.