Brent prices fell on Wednesday while U.S. crude rallied, after oil stockpiles in the world’s top consumer unexpectedly drew down with refiners coming back online following Hurricane Harvey last month, APA reports quoting Reuters.
Brent LCOc1 slipped from 26-month highs to settle down 54 cents, or nearly 1 percent, at $57.90 a barrel, while U.S. West Texas Intermediate crude (WTI) CLc1 ended 26 cents, or 0.5 percent, higher at $52.14 but stayed below five-month highs. The market was hurt by strength in the dollar, which often moves in the inverse direction of oil prices.
U.S. crude inventories USOILC=ECI fell 1.8 million barrels last week, the U.S. Energy Department said, versus forecasts for a 3.4 million-barrel build. [EIA/S]