Europe

Markets - Energy - Europe

Oil falls on higher US crude inventories, strong dollar LONDON: Oil prices fell on Wednesday, returning some of the gains made in one of the year's biggest rallies a day earlier, after weekly US crude stocks rose beyond expectations and a strong dollar weighed on commodities. Global benchmark Brent crude was down 34 cents at $46.61 a barrel at 1410 GMT. It closed Tuesday 5.7 percent higher on news that members of the Organization of the Petroleum Exporting Countries would renew efforts to limit production. US crude was 45 cents lower at $45.36 a barrel. "Prices are down on the build in US crude oil stocks reported by the API last night," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates. A strong dollar also weighed on oil, with the index measured against a basket of currencies hitting a 14-year high. Weekly US crude oil stocks surged by 3.6 million barrels last week, the American Petroleum Institute ...
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