Oil prices dip after unexpected rise in US crude stocks

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Oil prices inched higher on Wednesday after industry data showed an unexpected rise in U.S. crude stocks, signalling weak demand to markets already worried about recession and disappointing Chinese economic data.

Brent crude futures eased 27 cents, or 0.4%, to $74.01 a barrel by 0019 GMT. U.S. West Texas Intermediate crude was at $69.13 a barrel, down 29 cents, or 0.4%.

U.S. crude oil stocks rose by about 1 million barrels in the week ended June 9, according to market sources citing American Petroleum Institute figures on Tuesday, contrary to the average estimate for a 510,000 million barrel decline according to analysts polled by Reuters.Market participants were also closely watching a, which has no pre-determined interest rate hike on the table. Rate hikes strengthen the dollar, making commodities denominated in the U.S.

 

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