Oil prices fall around 2% after 4 days

mcx commodity tips

US crude futures slide more than 2 % in early Asian trade on Wednesday, after a scrambling dollar had pushed upward prices by about 19 % over the last four sessions. Oil markets have recoiled in recent days as some investors become more confident that oil prices have strike bottom after a seven month rout that had elicited major energy companies to reduce spending on new production. Evaluated by industry group American Petroleum Institute that US crude stockpiles increase more than 6 million barrels previous week, in a fifth straight week of jumps, helped drive prices lower on Wednesday. US crude for March delivery was downward more than 2 % at $51.91 a barrel by 0013 GMT.