Live Update 
From the Liveblog of
Thursday, August 25, 2016
From the Liveblog of
Thursday, August 25, 2016
Oil prices hit reverse again
Add ToI as a Preferred Source on GoogleWorld oil prices drop, reversing earlier gains as traders dwelled on rising US crude stockpiles and the stronger dollar.
At 1145 GMT, US benchmark West Texas Intermediate (WTI) for delivery in October sagged 22 cents at $46.55 per barrel.
Brent North Sea crude for October delivery lost 20 cents to $48.85 a barrel compared with the close on Wednesday.
“It is the aftershocks of yesterday’s disappointing oil report and the strengthening of US dollar that are helping to apply renewed downward pressure on crude prices,” City Index analyst Fawad Razaqzada told AFP.
The stronger greenback makes dollar-priced crude more expensive for buyers using weaker currencies.
— AFP
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