WASHINGTON (dpa-AFX) - Crude oil prices declined on Wednesday amidst the dollar's resurgence. Both Brent and WTI crude oil benchmarks added to the massive losses recorded on Tuesday. Concerns about the Ukraine-Russia conflict as well as the additional tariffs imposed by the U.S. on India for buying Russian oil also weighed on sentiment.
The Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently at 98.68 versus 98.24 at close on Tuesday, registering an overnight gain of close to 0.45 percent.
Data released on Tuesday by the American Petroleum Institute had shown crude oil inventories falling by 0.97 million barrels during the week ended August 22 versus a 2.4-million-barrel decline in the previous week. Markets had anticipated a draw of 1.7 million barrels.
Official data by the Energy Information Agency due on Wednesday is expected to show a draw of 2 million barrels during the week ended August 22 versus a draw of 6.01 million barrels in the prior week.
Brent Oil Futures for November settlement is currently trading at $66.64, having slipped 0.09 percent from the previous close of $66.70. The day's trading ranged between $66.89 and $66.38 whereas the 52-week trading range was between $58.4 and $82.63.
Though Brent has gained 0.5 percent over the past week, it has declined 4.9 percent over the past month. Brent oil is also currently down more than 34 percent from the levels three years ago. Year-to-date losses are a little more than 10 percent.
West Texas Intermediate (WTI) Crude Oil Futures for October settlement edged down 0.03 percent from the previous close of $63.25 to trade at $63.23. Prices ranged between a high of $63.45 and a low of $62.98 in the day's trading. Trading has ranged between $55.12 and $80.59 over the past 52 weeks.
Amidst gains of 0.05 percent in the past week, losses in the past month stand at 5.2 percent. Prices are currently 31.6 percent below the levels three years ago. Year-to-date losses exceed 11.2 percent.
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