Crude oil continued to fall on Wednesday despite OPEC's decision to cut overproduction and drop in U.S. inventory.
Light, sweet crude for October delivery dipped 68 cents to settle at 102.58 U.S. dollars a barrel on the New York Mercantile Exchange.
OPEC's decision to cut supply of around half a million barrels a day sparked price rally in the early morning session.
Moreover, the U.S. Energy Department's Energy Information Administration (EIA) said in its weekly report that crude supplies fell by 5.9 million barrels last week, and gasoline stockpiles fell by 6.5 million barrels. Prices climbed higher and hit 104.97 dollars a barrel after the EIA report.
But the dollar gained strongly against the euro, the sterling pound, and the Japanese yen, which sent the October crude futures down to as low as 101.36 dollars a barrel.
In London, Brent crude for October delivery fell 1.37 dollars to settle at 98.97 dollars a barrel on the ICE Futures Exchange.
Source: Xinhua
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