By ForexMansion.com
Forexpros –
Forexpros – Crude oil futures moved lower in Asian trade Thursday, on a general fall in global equities as well an unexpected rise in U.S. crude stockpiles.
On the New York Mercantile Exchange light, sweet crude futures for October delivery traded at USD79.92 a barrel during early Asian trade, dropping 1.08%, after hitting a daily high of USD80.83.
The U.S. Energy Information Administration Agency in its weekly report earlier Wednesday, showed that crude oil inventories rose by 1.9 million barrels, above market expectations of a 1 million barrel gain.
Gasoline stockpiles rose by 800,000 barrels.
Elsewhere, Finance officials from the European Union, the European Central Bank and the International Monetary Fund were to decide whether additional changes may be necessary to the European Financial Stability Facility.
Officials said they would be holding an extra meeting in October to discuss the Greek situation and assess Greece's compliant with terms for a bailout announced in July.
Earlier Wednesday, the U.S. Census Bureau reported that core durable goods orders fell in August to a seasonally adjusted -0.1, down from 0.7%.
Economists had forecast the figure to rise 0.2% last month.
Wall Street endured its first losing session in three, as Greek debt concerns and a dim corporate profit outlook sparked aggressive sell-offs.
The Dow Jones Industrial Average dropped 1.61% to 11,010.90, the Nasdaq Composite Index fell 2.17% to 2,491.59, and the S&P 500 shed 2.07% to close at 1,151.06.
Meanwhile, oil firm Agoco said it would be restarting production at three additional Libyan oil fields by the middle of October, raising daily output to 350,000 barrels.
A higher U.S. dollar contributed to lower oil futures, as dollar-denominated futures contracts tend to fall when the dollar rises.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.11% to 78.62.
On the ICE Futures Exchange Brent oil futures for October delivery fell 0.16% to trade at USD103.31.
Forexpros
