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.
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 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.