US Crude oil off lows on USD weakness

By FXStreet FXStreet (Mumbai) – Crude oil prices in the US recovered from the daily lows in the US session on account of the weakness in the USD index, but stay in red after having failed to sustain gains seen in early European session.

At the time of writing, WTI crude for November delivery traded 0.30% lower around USD 44.35/barrel. Oil prices erased gains earlier today after the European stocks turned lower.The risk averse sentiment dragged the commodity prices lower.

However, the USD index weakened by 0.5% and that seems to have put a floor under the oil prices. WTI crude recovered from the low of USD 43.73/barrel. The EIA data released on Wednesday showed gasoline stocks rose by 1.4 million barrels last week, compared with analyst expectations in a Reuters poll for an 819,000-barrel gain.

The build up in gasoline after the end of the summer driving season renewed concerns regarding stock buildup heading into autumn seasons.
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Source:: FX Street