Oil Prices Remain Stable Despite Increase in US Production

The continuing rise of US dollar through the week, which had fallen to its three-year low last week, has protected the oil prices from the impact of recent forecasts expecting US crude oil inventories to increase. US crude oil inventories have increased by 1.8 million barrels last week, up for the fourth consecutive week. A strengthening dollar makes oil and other dollar denominated products more expensive for other currency users. The prices were also influenced by crude oil refineries’ maintenance break between peak summertime and winter fuel demand period. – Reuters