NEW YORK: The government data showed that oil prices in US has decreased as the domestic oil supply rose unexpectedly in the country. Light, sweet crude for October decreased 46 cents to reach $ 94.42 per barrel on the New York Mercantile Exchange.
As per details, oil prices lowered to $ 93.93 per barrel after the Federal Reserve concluded its two day policy meeting at New York, while high price of dollar could affect the oil prices as it will make crude oil more expensive for foreign buyers.
US witnessed the surprise increase in overall supplies in recent days which lowered oil prices which were higher because of low supplies in previous few months.
On the other hand, oil prices fell in Asia today following an unexpected surge in US stockpiles and reports that the OPEC oil cartel is unlikely to slash production.
