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- US crude falls towards $44.50, weak dollar supporting
US crude falls towards $44.50, weak dollar supporting
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Loading...U.S. crude futures fell towards $44.50 a barrel on Thursday after oil stocks rose to their highest level in at least 80 years but a weaker dollar put a floor under prices as the U.S. Federal Reserve indicated a possible interest rate hike as early as June.
U.S. crude stocks climbed by 9.6 million barrels last week, almost three times more than analysts' expectations, to a record 458.5 million barrels, data from the Department of Energy's Energy Information Administration (EIA) showed on Wednesday. Analysts had expected a 3.8 million barrels build.
U.S. shale producers could face another round of spending cuts if oil prices keep falling that could gut the U.S. oilfield services industry and may heighten expectations of a steeper drop in U.S. crude production, analysts said Wednesday.
China, the world's second larger oil consumer, could trim oil purchases as its petroleum reserves reach capacity and oil refiners cut production, a move that could exacerbate the global glut of oil.
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