Oil retreats further on higher inventory, dollar
Oil prices slipped further on Thursday as continuous increase in crude stockpiles and a strengthening dollar pressured on the energy commodities, Xinhua reported.
The euro weakened against the dollar on Thursday amid worries and uncertainties about European economies. A strengthening green back usually curbs investors' appetite for riskier assets like energy commodities.
Meanwhile, latest government data showed that crude supplies rose by 1.95 million barrels to 362.5 million barrels last week, the highest level since the week ended on May 29, 2009.
U.S. commercial crude inventory has risen in 14 out of the past 15 weeks. And last week's gain has put current supply 6.1 percent higher than the five-year average for the period.
Light, sweet crude for June delivery fell 1.25 U.S. dollars to settle at 74.40 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude for June delivery lost 1.09 dollars to 80.11 dollars a barrel on the ICE Futures Exchange.