Mumbai, Sept. 16 -- Crude oil fell below $104 per barrel in Wednesday's electronic trades, retreating from four-month highs as a surprise build in US inventories prompted profit-taking despite persistent Middle East supply disruptions. The American Petroleum Institute (API) reported a 7.14 million-barrel increase in US crude stocks for the week ended September 11, sharply reversing the previous week's 300,000-barrel draw. The dollar index near 99.3, close to a one-month high, added pressure ahead of the Federal Reserve's policy decision and signals on further rate hikes. MCX September crude oil futures fell more than 2% to Rs.9,977 per barrel.
Published by HT Digital Content Services with permission from Capital Market....