India, Aug. 27 -- Crude oil prices declined on Wednesday amidst the dollar's resurgence. Both Brent and WTI crude oil benchmarks added to the massive losses recorded on Tuesday. Concerns about the Ukraine-Russia conflict as well as the additional tariffs imposed by the U.S. on India for buying Russian oil also weighed on sentiment.
The Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently at 98.68 versus 98.24 at close on Tuesday, registering an overnight gain of close to 0.45 percent.
Data released on Tuesday by the American Petroleum Institute had shown crude oil inventories falling by 0.97 million barrels during the week ended August 22 versus a 2.4-million-barrel decline in the previous w...