Oil declines after US crude stocks rise

18.03.2015 / 05:23

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U.S. crude tumbled by $1.02 a barrel to $42.44 in early Asian trade on Wednesday after crude inventories rose by 10.5 million barrels in the week to March 13 to 450 million, data from industry group the American Petroleum Institute showed on Tuesday.

Traders are also waiting for the U.S. Federal Reserve's policy making committee to outline its monetary policy objectives later on Wednesday which are expected to give a clearer intention on interest rates.

A weaker dollar should support oil prices because it makes commodities enominated in the dollar cheaper for holders of other currencies and expands their purchases of commodities and other assets.

Rising output from Libya and plans by Iran to boost oil production once Western sanctions are lifted have heightened concerns of global oversupply concerns or oil although Tehran's moves to flood the market with oil have been played down by diplomats.

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Oil declines after US crude stocks rise

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