LONDON: Oil prices fell further on Wednesday as dealers awaited the latest update on crude reserves in the United States.
The US benchmark West Texas Intermediate for delivery in October declined 36 cents at $45.99 a barrel. Brent North Sea crude for October lost 54 cents to $47.83 a barrel compared with the close on Tuesday.
Prices also fell on the back of the stronger greenback, which makes dollar-denominated commodities more expensive for buyers using weaker currencies.
“In the short-term, oil is likely to find direction from the latest US oil stockpiles report and the direction of the US dollar,” said City Index’s Analyst Fawad Razaqzada.
The US Department of Energy (DoE) – later on Wednesday – will publish its report on commercial oil inventories for the week ending August 26.
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