Oil eases on higher US stockpiles, caution ahead of likely Fed hike
Oil prices eased on Wednesday off three-month highs as industry data showed a stock build in U.S. crude inventories and investors remained cautious ahead of a likely Fed rate hike, News.Az reports citing Reuters.
Brent crude futures slipped 0.56%, to $82.8 a barrel by, while U.S. West Texas Intermediate (WTI) crude was at $79.19 a barrel, down 0.55%.
U.S. crude stocks rose by about 1.32 million barrels in the week ended July 21, according to market sources citing American Petroleum Institute figures on Tuesday.
The U.S. dollar has been on a gradual uptrend, rebounding from a 15-month low last week and making it more expensive for buyers to procure commodities such as oil.