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Oil prices dip as dollar soars, US crude stocks rise modestly

Brent crude futures fell by 4 cents to $104.95 a barrel as of 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude futures dropped 25 cents to $101.45.

April 27, 2022 / 09:16 PM IST
Representative image (Source: Reuters)

Representative image (Source: Reuters)

Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and as coronavirus outbreaks cloud the economic outlook in China, the world's biggest importer of crude oil.

Separately, U.S. government data showed crude stockpiles rose modestly last week as fuel inventories declined, signalling ongoing tightness in the world's largest oil producer.

Brent crude futures fell by 4 cents to $104.95 a barrel as of 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude futures dropped 25 cents to $101.45.

The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.