The energy commodity also slipped after the world's reserve currency advanced against the shared currency of the European Union. The Energy Information Administration of the U.S. Department of Energy released data on Wednesday that noted supplies climbed by 4.09 million barrels last week to amount to 383.9 million barrels. The U.S. is the globe's top consumer of crude oil.
"We are having continued reaction to the build in supplies," senior market analyst Phil Flynn with the Price Futures Group in Chicago told the news source on Thursday. "After the big inventory gain, it's just hard to find anything bullish. The dollar being stronger is definitely putting some pressure on WTI."
At 11:06 a.m. on Thursday, WTI crude oil futures fell 0.38 percent, a 37-cent loss to $96.40 per barrel. At 11:07 a.m., Brent crude oil futures dropped 0.95 percent, a $1.04 fall to $108.82 per barrel.
Reuters reports generation from Libya, a top producer of crude oil in North Africa, barely climbed on Wednesday as had been forecast for the nations struggling with civil unrest.
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