West TX Oil Below $57 on Dollar Strength

Oil came under pressure on Wednesday as a resurgent dollar weighed on crude prices ahead of inventory data expected to show whether fuel demand was accelerating with the peak U.S. driving season under way.

U.S. crude closed down 52 cents, or 0.9 percent, at $57.51 a barrel, having seesawed between negative and positive territory throughout the session.  North Sea Brent crude was down $1.70, or 2.60 percent, at $62 a barrel, after rising nearly $1 earlier in the session.

The American Petroleum Institute (API), an industry group, will issue estimates on crude and oil products in storage at 4:30 p.m. EDT ahead of Thursday’s official data from the U.S. government.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.