Singapore-Melbourne-SANA
Oil prices declined in morning trading in Asia today despite a significant drop in US crude stocks, at a time when prices were under pressure due to the strengthening of the US dollar and new concerns about fuel demand due to travel restrictions and delays in the distribution of anti-Corona virus vaccines.
Reuters reported that US West Texas Intermediate crude futures fell 33 cents, or 0.62 percent, to $ 52.52 a barrel, and Brent crude futures fell 36 cents, or 0.65 percent, to $ 55.45 a barrel.
In general, the US dollar rose, while its index rose to 90.753 from its low level in January of 89.206, which puts pressure on the primary commodities priced in dollars.
The oil market received support earlier this week due to a sudden big drop in US crude inventories in the week ending January 22, what analysts attributed to the recovery in US crude exports and the decline in imports.