Investing.com - Crude oil futures moved lower Wednesday as a U.S. government report showed an unexpected rise in inventories for the week, signaling a possible slump in demand from the world’s largest energy consumer.
On the New York Mercantile Exchange light, sweet crude futures for September delivery traded at USD97a barrel during early Asian trade, falling 0.20% after hitting a daily high of 97.28.
Earlier in the day, the U.S. Energy Information Administration reported that crude oil inventories rose by 2.3 million barrels in the week ending July 22, far exceeding the forecast of a 1.5 million barrel decline. The weekly growth follows a 3.7 billion barrel drop a week earlier.
U.S. crude oil inventories stood at 354 million barrels as of last week
Meanwhile, negotiations between U.S. lawmakers and the White House to secure a deal to raise the nation’s debt ceiling limit remained unresolved.
Dealers are expected to remain wary of growth-dependant assets such as crude oil until the prospects for an agreement in the U.S. on raising the debt ceiling become clearer. The traditionally safe-haven U.S. dollar market has suffered from the uncertainty surrounding future U.S. debt sovereignty.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.03% to trade at 74.26.
On the ICE Futures Exchange Brent oil futures for September delivery added 0.11% to trade at USD117.48.
U.S. Department of Labor figures on jobless claims were scheduled for release Thursday, an indication of possible changes in consumer energy consumption.
On the New York Mercantile Exchange light, sweet crude futures for September delivery traded at USD97a barrel during early Asian trade, falling 0.20% after hitting a daily high of 97.28.
Earlier in the day, the U.S. Energy Information Administration reported that crude oil inventories rose by 2.3 million barrels in the week ending July 22, far exceeding the forecast of a 1.5 million barrel decline. The weekly growth follows a 3.7 billion barrel drop a week earlier.
U.S. crude oil inventories stood at 354 million barrels as of last week
Meanwhile, negotiations between U.S. lawmakers and the White House to secure a deal to raise the nation’s debt ceiling limit remained unresolved.
Dealers are expected to remain wary of growth-dependant assets such as crude oil until the prospects for an agreement in the U.S. on raising the debt ceiling become clearer. The traditionally safe-haven U.S. dollar market has suffered from the uncertainty surrounding future U.S. debt sovereignty.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.03% to trade at 74.26.
On the ICE Futures Exchange Brent oil futures for September delivery added 0.11% to trade at USD117.48.
U.S. Department of Labor figures on jobless claims were scheduled for release Thursday, an indication of possible changes in consumer energy consumption.