A stronger dollar combined with large increases in U.S. fuel inventories led to a more than 1% drop in crude oil prices on Wednesday. The fall came after prices rose more than 1% earlier in the trading session.
While crude oil stocks fell again across the U.S., gasoline stocks increased by 6.3 million barrels in the past week to 237.7 million barrels, reported the U.S. Energy Information Administration. The latest fuel report reversed gains prompted by tightening supplies from Russia and other OPEC members, according to Reuters.
West Texas Intermediate crude dropped 93 cents or 1.25% to $73.32 a barrel on the New York Mercantile Exchange.
Brent crude, considered the global benchmark followed by industry, finished down 89 cents or 1.16% to $76.23 a barrel.
Oklahoma energy stocks split for the day with nearly half recording losses including a more than 4% fall by Unit Corporation. Coterra Energy rose 3% and Devon Energy gained more than 1%.