Bloomberg oil prices fall as US inventories rise

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Bloomberg oil prices fall as US inventories rise

After a three-day climb, the price of Bloomberg oil fell as investors looked at data that pointed to a rise in US inventories and the outlook for the dollar.

West Texas Intermediate for September, the contract with the highest volume and open interest, fell lower in early Asian trading after rising more than 8% in the previous three sessions. The advance was supported by weakness in the US currency, a pipeline outage, and signs that physical markets remain tight.

The American Petroleum Institute estimates that US inventories of crude expanded by more than 2 million barrels last week, while gasoline holdings increased, according to people familiar with the figures. Later on Wednesday, there will be official data from the Energy Information Administration.

The impact of a potential recession, as well as broad appetite for risk and wider market moves, have been judged by the fact that crude has fluctuated around $100 a barrel this month. After hitting a record last week, the dollar weakened, making commodities like oil more attractive.

Oil markets are steeply backward-driven, a bullish pattern marked by near-term prices commanding a premium to later-dated ones. JD Vance May Need Another Peter Thiel Bailout?