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Oil dips as inventory rises

News by Newsroom on 11:09 August 31, 2016 EST
Oil prices tumbled 2 percent on Wednesday after data showed a large build in U.S. crude inventory and a smaller-than-expected dip in gasoline.

The U.S. Energy Information Administration (EIA) said crude stockpiles rose for a second week, up by 2.3 million barrels in the last week, compared with analysts expectations for a rise of 921,000 barrels.

Diesel and heating oil, rose by 1.5 million barrels, versus expectations for a 157,000-barrel drop.

Gasoline stocks fell by 691,000 barrels, compared with forecasts for a 1.2 million-barrel drop.

The Brent was down $1.22 at $47.51 right after the news while the West Texas Intermediate (WTI) was down $1.10 at $45.25.

Meanwhile, the dollar hit three-week highs for a second day in a row on speculation that the U.S. Federal Reserve will raise interest rates in coming months..