American Petroleum Institute reports an unexpected crude inventory build up

The American Petroleum Institute (API) has reported an unexpected increase in U.S. crude inventories of 4.755 million barrels on the week which ended on January 17. Analysts were expecting a drawdown of 1.6 million barrels, quite far from what was reported. The API was also announcing a build up in gasoline inventories of 4.117 million barrels.

Both Brent benchmarks and WTI recorded minor losses. The former shed 13 cents from its previous settlement of $69.83. The latter closed at $64.43 a barrel after declining by 4 cents.

The dollar loses strength

Concerns regarding a decline in U.S. currency’s yield significantly weakened the dollar. It fell to 110.12 against the yen. The dollar index closed 90.036. Earlier in the session it has sunk to a 3-year low of 89.974. The euro, in contrast, was able to climb higher by 0.1 towards $1.2311.

Bitcoin retrieves some of its lost value after reaching the $10,000 mark again

Bitcoin climbed by more than 10 percent in the previous session pulling away from previous losses. The digital currency was again found trading above the $10,000 mark after hitting $11,358 – a 13.9 percent increase from $9,972.29 in the last session.

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