After a Jump in Earlier Session Oil Drops Once More
The rollercoaster ride for crude prices still continue as the U. S. crude futures on Thursday again fell one percent or more in Asian trading. That offset the gains of almost three percent which oil had made in the earlier session. Hopes were high when Russia revealed possibility of cooperating with OPEC in order to control oversupply of oil globally.
On Wednesday, chief officials of Russia's pipeline monopoly decided to hold talks with Saudi Arabia and its OPEC counterparts regarding trimmings in oil output to perk up oil prices.
However, the drop control to certain extent by a weaker dollar after the Federal Reserve decided to maintain the interest rate unaltered and the released of a statement which hinted that the central bank was re-evaluating the swiftness of hikes in the future.
U. S. crude and Brent, both the oil benchmarks faced a drop. U. S stocks remained unchanged and dollar slipped.
On Wednesday, the Energy Information Administration said that there was a spike in U. S. crude inventories which scaled by 8.4 million barrels in the earlier week. That was higher than analysts' expectations of 3.3 million barrels.
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