Oil prices fell still on Wednesday after a surprising report that showed US crude inventories rose last week, despite analysts' expectations of a significant decline in reserves. According to data from the American Petroleum Institute (API) on Tuesday, the United States injected more than 600,000 barrels into the reserves, which increases the threat of an oversupply that caused prices to fall sharply. Gasoline reserves rose by 425,000 barrels, compared to a Reuters poll that showed expectations of a 44,000-barrel reduction. US WTI crude futures were down 0.56 percent at 9:54 am HK / SIN at $ 67.70 a barrel. Brent crude futures were down 0.48 percent at $ 71.81 a barrel.
Oil prices have been under pressure in recent sessions since the reopening of 2 major Libyan ports earlier this week and signs from Washington that there may be some room for maneuver in the guidelines of their upcoming sanctions against Iran . Still, oil prices closed modestly higher on Tuesday after falling 4 percent on Monday. The decisions of Saudi Arabia and Russia to increase supply have mitigated concerns about the shortage of supplies, which serves as another signal for price decreases.
Foreign Exchange Market Movements
The EUR / USD remained unchanged early in the session on Wednesday, with the euro trading at 1.1659. The dollar also remained unchanged against the Australian dollar. The dollar continued its rise against the yen, trading 0.06 percent higher at 112.93. The dollar also rose 0.06 percent against the Canadian dollar. The dollar index rose 0.03 percent to 95.02 .DXY. The stability of the dollar came after the testimony of Federal Reserve Chairman Jerome Powell on Tuesday, during which he showed a positive assessment of the US economy and downplayed the impact of trade tensions on future interest rate hikes. . After Powell's testimony, analysts continue to expect 2 more increases in interest rates before the end of 2018.