Crude Oil Ends A Tad Higher After Supply Data

Worries over weak demand from China and news about resumption of oil shipments from Libya limited oil’s gains. The dollar index, which tracks the U.S. unit against six major currencies, traded at 82.43 on Wednesday, down from its previous close of 82.68 late Tuesday in North American trade. The dollar scaled a high of 82.73 intraday and a low of 82.40. The euro trended higher against the dollar at $1.3195 on Wednesday, as compared to its previous close of $1.3167 late Tuesday in North American trade. The euro scaled a high of $1.3210 intraday and a low of $1.3153. In economic news from the eurozone, the leading economic indicators index rebounded in July, gaining 0.3 percent month-over-month, following the 0.1 percent drop in June. At the Jackson Hole Symposium last Friday, European Central Bank President Mario Draghi said the ECB might come out with more stimulus if inflation dropped further. China’s consumer sentiment dropped in August, results of a survey by MNI and Westpac showed Wednesday.
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