Crude oil price dropped on Thursday on a stronger dollar which edged higher versus a basket of currencies as Federal Reserve Chairman Ben Bernanke pledged to keep monetary policy accommodative, but remained above $106 on falling U.S. crude inventories.
In a statement on Wednesday, Bernanke reiterated the central bank`s plan to start paring back its bond-purchase program later this year, but that could change if the economic outlook changes, weighing on commodities as the US dollar advanced.
Meanwhile, the US economy continues to grow modestly in June and early July with manufacturing expanding across most of the country, according to the Beige Book report, while the housing starts fell to the lowest level since August last year.
- Crude is trading around $106.39 a barrel after falling $0.09.
- Brent is trading around $108.55 a barrel after falling $0.06.
U.S. crude oil inventories slumped 6.9 million barrels to 367 million last week, said the EIA. Supplies shrank for a third week, the longest run of declines this year as demand in rising. Gasoline inventories rose by 3.1 million barrels, while distillates climbed by 3.9 million.
Markets will be watching today the US jobless claims and leading indicators, while the earnings season continues in the US with Intel, IBM, American Express and Ebay being among the companies scheduled to post results after the closing bell.
Bernanke will testify before the Senate Banking Committee later on Thursday, but is likely to stick to the scenario laid out on Wednesday.
- Natural gas is trading at $3.623 per cubic feet after falling 0.17%.
- Gasoline is trading at $3.1035 a gallon after falling 0.21%.
- Heating oil is trading at $3.0781 a gallon after rising 0.23%.
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Oil Slips On Stronger Dollar After Bernanke Speech; Inventories Fall
Published 07/18/2013, 05:44 AM
Updated 07/09/2023, 06:31 AM
Oil Slips On Stronger Dollar After Bernanke Speech; Inventories Fall
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