Oil falls on build in US crude oil stocks, stronger dollar

📆 2022/10/26 13:33:00

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MELBOURNE : Oil prices fell in early trade on Wednesday as the dollar firmed and as industry data showing U.S. crude oil stockpiles rose more than expected reinforced fears of a global recession that would cut demand.Brent crude futures for December dropped $1.17, or 1.3 per cent, to $92.35 a barrel at 0111 GMT,

📆 2022/10/26 13:33:00
📰 ChannelNewsAsia

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U.S. West Texas Intermediate crude futures for December delivery were down 88 cents, or 1 per cent, to $84.44 a barrel, reversing the previous session's gain.

That was higher than expectations from five analysts polled by Reuters, who on average had expected a build of about 200,000 barrels. Official U.S. stockpile data from the government's Energy Information Administration is due on Wednesday at 1430 GMT.

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