Oil prices fall on surprise U.S. inventory rise; China crude volatile
Commodity Alert: Oil prices fall on surprise U.S. inventory rise; China crude volatile
Oil prices fell with Brent dropping back below $70 per barrel and U.S. West Texas Intermediate crude dipping below $65, pulled down by a report of increasing U.S. crude inventories that surprised many traders. Traders said the dips came after the American Petroleum Institute (API) late on Tuesday reported a surprise 5.3 million barrels rise in crude sticks in the week to March 23, to 430.6 million barrels. Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering greatly extending a short-term alliance on oil curbs that began in January 2017 after a crash in crude prices.
Source : Investing