US Crude Falls to $123.86 a Barrel

26 April 2011 (Last Updated April 26th, 2011 18:30)

US crude fell to $123.86 a barrel as investors waited for details of the US Federal Reserve's assessment of the economy and its monetary policy stance. US crude dipped by 17¢ to stand at $112.04 a barrel, while Brent crude for June dropped 20¢ to $123.86 a barrel, reports Reut

US crude fell to $123.86 a barrel as investors waited for details of the US Federal Reserve’s assessment of the economy and its monetary policy stance.

US crude dipped by 17¢ to stand at $112.04 a barrel, while Brent crude for June dropped 20¢ to $123.86 a barrel, reports Reuters.

Oil prices received support from the weak dollar; however, investors resisted taking risks ahead of the US economy assessment report.

The American Petroleum Institute said that the increase in US crude oil inventories to 4.9 million barrels, due to imports last week, also contributed to the decrease in the prices.