Global oil prices fall

The U.S. benchmark, West Texas Intermediate (WTI) crude for October delivery, lost 1.72 U.S. dollars to settle at 44.70 dollars a barrel on the New York Mercantile Exchange.

The European benchmark, Brent crude for October delivery, decreased by 1.34 dollars to close at 47.04 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration (EIA) said Wednesday in its weekly report that the U.S. crude oil inventories increased by 2.3 million barrels to 525.9 million barrels in the week ending Aug. 26, more than market consensus of an increase of 921,000 barrels.

Analysts said that the data fueled concerns among investors about persistent oversupply in the market.

Oil prices also came under pressure as a strong U.S. dollar dampened market sentiment, making the dollar-denominated oil less appealing to holders of other currencies.

The U.S. dollar index, which measures the greenback against six major currencies, stood at a three-week high of 96.043 in late trading on Wednesday, Xinhua reported. (Uu.A026)

Editor: Maryati

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