2024-02-14T04:26:09+00:00
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/ Oil prices fell in early Asian trading on Wednesday after the American Petroleum Institute announced a greater-than-expected increase in crude inventories last week and as investors’ expectations for the Federal Reserve to cut interest rates receded.
Brent crude futures fell 29 cents, or 0.4 percent, to $82.48 a barrel at 0000 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.3 percent, to $77.65 a barrel.
U.S. crude oil inventories rose by 8.52 million barrels in the week to Feb. 9, market sources said, citing figures from the American Petroleum Institute released late Tuesday.
The API data also showed gasoline stocks fell by 7.23 million barrels and distillate inventories fell by 4.02 million barrels, both much larger declines than analysts had expected.
The market was also weighed down by other data released on Tuesday that showed U.S. consumer price inflation remained elevated last month. As a result, investors now expect U.S. central bank policymakers to wait longer before cutting interest rates, which could dampen economic growth and demand for oil.
With expectations of a delay in the rate cut, the dollar rose to a three-month high. A stronger dollar usually affects demand for oil among buyers who pay in other currencies.