Oil prices dip as dollar soars, U.S. crude stocks edge higher | Reuters

Oil prices dip as dollar soars, U.S. crude stocks edge higher | Reuters

Oil prices dipped on Wednesday as a soaring U.S. dollar made barrels more expensive and coronavirus outbreaks in China clouded the economic outlook in the world's biggest importer of crude oil.

Supplies remained tight in the world's largest oil producer, the United States, as government data showed crude stockpiles rose modestly last week as fuel inventories declined.

Brent crude futures fell by $1.08, or 1%, to $103.91 a barrel as of 12:40 p.m. ET (1640 GMT). U.S. West Texas Intermediate crude futures dropped $1.19 a barrel to $100.51.

The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.