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.
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.