Oil gives up gains as soaring US dollar offsets Putin’s troop mobilisation
NEW YORK (Reuters) -Oil prices gave up early gains on Wednesday as a soaring dollar and global recession fears offset worries about a Russian military mobilization.
A big increase in U.S. crude stocks could also weaken oil prices. Analysts forecast U.S. crude stocks rose 2.2 million barrels last week. [EIA/S]
On Tuesday, data from the American Petroleum Institute (API) industry group showed crude stocks rose 1.0 million barrels in the week to Sept. 16. [API/S]
Brent futures were 10 cents, or 0.1%, lower at $90.52 a barrel by 10:13 a.m. EDT (1413 GMT), while U.S. West Texas Intermediate (WTI) crude fell 28 cents, or 0.3%, to $83.66.
