LONDON (Reuters) – Oil prices slipped after industry data showed crude and fuel inventories rising in the United States and the U.S. dollar strengthened, suggesting oil demand is under pressure .
At around 12.20 pm, Brent futures lost 94 cents, or 1.13%, to 82.22 dollars a barrel. U.S. West Texas Intermediate crude futures fell 96 cents, or 1.22%, to $77.42 a barrel.
U.S. crude inventories rose by 509,000 barrels in the week ended May 3, market sources said, citing data from the American Petroleum Institute. Inventories of gasoline and distillate fuels also grew.
Official US government data on inventories is due at 4.30pm. Analysts polled by Reuters expect U.S. crude inventories to have fallen by about 1.1 million barrels last week.
The strengthening of the US dollar is also having an impact, making the purchase of oil more expensive for those holding other currencies.
Hopes for a ceasefire in Gaza have also put pressure on oil prices in recent sessions, and some analysts say the risk premium on oil has fallen in tandem.
(Translated by Chiara Scarciglia, editing by Giselda Vagnoni)
