Crude-oil futures fell on Wednesday, hovering at their lowest since November as investors reacted to news that Greece will head back to the polls, adding to the uncertainty surrounding the future of the euro-zone.
Crude for June delivery declined 79 cents, or 0.8%, to $93.25 U.S. a barrel on the New York Mercantile Exchange.
The front-month futures contract reached a fresh settlement low for the year of $93.98 U.S. a barrel on Tuesday.
Early losses were made in tandem with a rising U.S. dollar, as investors looked for safer places to park their money against the backdrop of European turmoil. Gold futures also fell sharply.
The ICE dollar index , which measures the greenback against a basket of six currencies, was recently slightly lower at 81.232 on Wednesday, compared to 81.286 in late North American trading on Tuesday, when it notched its 12th straight session of gains to reach a January high.
The dollar index hadn’t gained for such a long stretch since at least 1985.
Meanwhile, U.S. supply data released late Tuesday from the American Petroleum Institute showed that crude-oil supplies rose by 6.6 million barrels in the week ended May 11.
The API data come ahead of the more closely watched U.S. Energy Information Administration report due Wednesday morning. Analysts polled by Platts expect to see a 1.5-million-barrel climb in crude-oil stocks.
June heating-oil traded down two cents at $2.92 U.S. a gallon and gasoline for June delivery lost one cent to $2.93 U.S. a gallon.
Natural gas for June delivery was flat at $2.50 U.S. per million British thermal unit.
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