Oil Slips Amid Rising U.S. Crude Supplies and Dollar Rally
- Domestic crude stockpiles up more than 4 million barrels: EIA
- U.S. dollar surges most since June, making exports more costly
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Oil slid as the dollar surged and after a U.S. government report showed crude stockpiles rose for the first time in eight weeks.
Futures in New York ended the session 0.6% lower after a choppy trading session on Wednesday. A more-than 4 million-barrel increase in U.S. crude stockpiles tugged futures lower, while a stronger dollar made exports of the commodity less attractive.