US crude drops $1.28/bbl on inventory build, stronger dollar

14 March 2012 20:55  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX WTI crude futures for April delivery settled lower on Wednesday, falling $1.28/bbl to $105.43/bbl, on the back of a government-reported increase in domestic crude inventories and a stronger US dollar.

Inventory data released by the Energy Information Administration (EIA) showed that crude stocks rose 1.8m bbl last week.

The increase also took inventories at the Cushing, Oklahoma, delivery hub to their highest levels since June 2011 after the highest week-on-week build since January 2009.

Activity was volatile throughout the session though, establishing an intra-day high of $107.02/bbl in the morning and moving lower after the release of EIA data.

By the afternoon, April WTI futures reached a session low of $105.12/bbl before moving back up by the closing bell.

By: Brian Balboa
+1 713 525 2653

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