Oil prices fell today as the US Federal Reserve Chairman Ben Bernanke did not announce any monetary incentive measures for the recent term, owing to anxiety regarding Europe’s debt crisis and the stagnant jobs market in the world’s top oil consumer.
Brent crude fell by 72 cents to $103.28 a barrel, while US oil also slid by 58 cents to $88.64 a barrel, as investors await release of crude stockpile data by the Energy Information Administration, reports Reuters.
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Bernanke said the US Federal Reserve stands ready to offer more stimulus if needed, but stopped short of signalling action in the near term.
Data from the American Petroleum Institute showed that crude inventories fell by two million barrels in the week to 13 July, gasoline stocks fell by 116,000 barrels and distillate stocks rose by 3.4 million barrels.
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