The news of US crude stockpile growing more than anticipated has reversed oil prices’ five month long increase by further stoking supply concerns. Brent price per barrel has slumped 1.17% to $65.75. The fall followed US Energy Information Administration’s announcement which showed US crude stockpiles have grown 3 million barrels last week as opposed to experts’ expectation around 2.1 million. The news’ effect were further exacerbated by a 0.36% increase in dollar index. Strengthening dollar turns off the oil appetite by making oil more expensive for other currency users. – Financial Times

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