Crude oil prices headed lower in early Asian trade Thursday as a stronger dollar and the unexpected increase in U.S. crude inventories triggered selling.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in June, -1.60% traded at $47.63 a barrel, down $0.57, or 1.2%, in the Globex electronic session. July Brent, -1.68% crude on London’s ICE Futures exchange fell $0.74, or 1.4%, to $48.20 a barrel.
Oil prices had surged in recent sessions as outages in Africa and Canada, economic woes among Latin American producers, and production declines in the U.S. propelled expectations of a smaller glut.
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