Brent crude falls below $56 as Fed signals slower pace of interest rate hike

Brent crude slipped below $56 a barrel on bigger than expected oil stocks in the United States though losses were limited on a weaker dollar as the Federal Reserve signalled a slower pace of interest rate hike.



Brent crude oil futures for May delivery fell 22 cents to $55.69 a barrel by 0155 GMT, after jumping as much as six per cent in the previous session.



US crude oil futures for April delivery shrunk by 53 cents to $44.13 a barrel, after ending the previous session three per cent higher.



US crude stocks rose by 9.6 million barrels last week, nearly three times as much as analysts’ expectations, data from the Energy Information Administration (EIA) showed on Wednesday.



Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.865 million barrels to 54.4 million barrels, a record since the EIA began tracking inventories at the delivery point for the US light sweet crude futures contract traded on the New York Mercantile Exchange.



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Posted in: Indian Market Tips