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Oil slips as dollar gains, demand shows signs of weakening

Reuters  |  NEW YORK 

By Ayenat MersieNEW YORK (Reuters) - Oil prices slipped on Wednesday, as a strengthening dollar overshadowed a U.S. crude inventory report that showed domestic crude stocks falling more than expected. Brent crude futures were down 31 cents at $77.43 a barrel by 11:17 a.m. EDT (1517 GMT), while U.S. crude futures fell 30 cents to $71.01 a barrel.The dollar firmed to nearly a five-month high against a basket of other major currencies on Wednesday. A stronger greenback makes it more expensive to buy dollar-denominated commodities like oil."The only reason why we're not seeing higher prices from ...

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First Published: Wed, May 16 2018. 21:15 IST