Crude Oil Stays Firm On Lower Greenback

30 Nov 2022 , 02:24 PM

Crude oil futures are up on Wednesday tracking a weaker dollar overseas coupled with falling US crude stockpiles. Crude oil inventories sagged by another 7.85 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 4.2 million barrels in the week prior. In the week prior, the API reported a large draw in crude oil inventories of 4.2 million barrels. Meanwhile, the dollar index that tracks the greenback against a basket of currencies has fallen to 106.41 from a 20-year high of 114.78 on Sept. 28 ahead of Fed Powells speech later in the global day that would be closely evaluated. WTI crude oil futures are currently quoting higher by more than half a percent at $78.68 per barrel. Powered by Commodity Insights