The Five-Month Increase in Oil Prices Reversed

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