Oil prices fall with the rise of the dollar

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Oil prices fall with the rise of the dollar

08/31/2016
Futures for crude oil prices fell on Wednesday , influenced by the circulation of the dollar at its highest level in nearly three weeks and data on the increase in crude stocks in the United States.
By 0652 GMT , the price of the global London Brent crude futures to $ 48.30 a barrel , down seven cents from the previous closing price.
The inn WTI US mediator also seven cents to $ 46.28 a barrel.
Scored dollar index , which tracks the US currency 's performance against a basket of six major currencies , its highest level since the ninth of August on Tuesday at 96.143.
The rise of the dollar leads to higher cost of commodities denominated in US currency , such as oil to holders of other currencies , which could be would curb demand.
The dollar rose after the Chairperson of the Federal Reserve (Fed) Janet Yellen and her deputy , Stanley Fischer statements recently reinforced expectations about the possibility of higher interest rates during the council meeting in September.
Data from the American Petroleum Institute on Tuesday showed crude stocks in the United States by 942 thousand barrels in the week ending August 26 to 525.2 million barrels , including roughly in line with analysts ' expectations of an increase of 921 thousand barrels

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