Oil markets were rather volatile during US trading hours, as such WTI prices managed to rise during early trading hours reaching $62.30, close to the day’s high level. Subsequently, gains were restrained due to a spike in the Dollar.
The energy commodities prices further eased on Wednesday Asia market trading hours as the greenback was trading higher. At noon Middle Eastern time, both types of crude oil were trading approximately 0.7% below its previous closing price, ahead of the API Weekly crude oil data. Brent April contract was trading at $64.50 and WTI April contract was trading at $61.15. Both types of crude oil were trading approximately 0.7% below its previous closing price.