Last night, US crude oil prices fell from eight-week highs, pressured by a stronger US dollar and uncertainty about an economic recovery.
This morning, US crude futures for April retreated to current level of $81.40 a barrel, down 8 cents after reaching a low of $81.05 a barrel earlier.
API released US crude inventory data that showed expected gains in stockpiles. Markets are now awaiting EIA crude inventory data to be release later today. Expectations for a build in gasoline and crude oil inventory build will continue to drive down prices.
Inventories of both crude oil and refined products in the have swelled as the recession has reduced fuel consumption in the world's top consumer of oil.
Source BloombergUTV
Lable Oil price,Commodity Price
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