WASHINGTON (dpa-AFX) - Oil prices were moving lower on Wednesday after industry data showed U.S. crude stockpiles increased by much more than expected last week.
A strengthening dollar also pressured prices, offsetting supply concerns as Hurricane Ian strengthened into an 'extremely dangerous' Category 4 storm.
Benchmark Brent crude futures dipped 0.3 percent to $84.57 a barrel, while U.S. crude futures were down 0.4 percent at $78.20.
Data from the American Petroleum Institute, released late Tuesday, showed there was a build for crude oil of 4.150 million barrels this week, raising concerns of slowing demand at the world's largest consumer. Analysts had predicted a build of 333,000 barrels.
Official data from the Energy Information Administration data is due later in the day.
Meanwhile, the dollar marched to a new 20-year high, making dollar-denominated crude more expensive for foreign buyers.
Investors also weighed potential supply disruptions as Hurricane Ian strengthened into a Category 4 storm and barreled toward Florida.
About 190,000 barrels per day of oil production, or 11 percent of the Gulf's total were shut-in as firms prepared for its impact, according to offshore regulator the Bureau of Safety and Environmental Enforcement (BSEE).
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
