In early trading, the dollar eases as US crude stocks are believed to be dropping.
In early trading on Thursday, the dollar eased against a basket of currencies as investors believe that US crude stocks are dropping. Crude stocks in the US are currently at their lowest levels since February, according to the Energy Information Administration. The EIA also reported that US crude production fell by 100,000 barrels per day in the week ending June 2nd. The drop in US crude production is seen as a positive sign for the global oil market, which has been struggling with oversupply for the past few years.
Crude oil prices rose in early Asian trade on Wednesday as U.S. crude stocks were seen falling last week. The dollar weakened, making oil less expensive for non-American buyers. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels.
The U.S. dollar index, which trades inversely with oil, fell 0.69% in Tuesday trade. Rising COVID-19 cases in China kept prices from moving higher. China’s crude oil imports from Russia rose 17% in November from a year earlier.
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