Data Reveals Rise in U.S Stock Pile: Prices Fall this Week
On Wednesday, the prices of oil dropped as data from the industry revealed that U.S. crude inventories rose in the previous week when it was likely to drop although the weaker dollar lend a helping hand in limiting further losses.
This week the oil futures steadied after dropping to its lowest level of three months lows in early July due to concerns raised on the issue of higher exports from Iran would cause a supply glut in the market.
On Wednesday, the U.S. crude stayed more than $50 per barrel following a dip below the mark on this week first time ever since April's earlier days.
The oil prices have faced a drop due to the nuclear accord between the world powers and Iran. It also slid down in the last weeks as the dollar spiked to its three-month highs with the likelihood of an interest hike in the U.S. this year in the latter months.
A stronger dollar has made oil costlier for consumers which have other currencies and chances of them buying oil become less. However, on Tuesday, against some of the currencies the dollar slid a little which gave a reason for oil and various other commodities dependant on dollar to get a little market support.
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