Oil dropped on Wednesday on a stronger dollar and an unexpected stockpile report. Oil declined amid a stronger dollar and after a U.S. government report showed a surprise increase in domestic crude stockpiles. Futures in New York fell 3.3% on Wednesday, the biggest drop in a week, as a rising dollar weighed on commodities like oil priced in the currency. In the U.S., domestic crude inventories increased for a third straight week to the highest since August, according to an Energy Information Administration report. The industry-funded American Petroleum Institute had reported a supply decline on Tuesday. Traders are also continuing to assess the Biden administration’s plans to quell rising energy prices. The White House didn’t announce a strategic petroleum reserve release on Tuesday and said it continues to look at all the tools it has available to limit the impact of high prices on consumers. “The market is feeling […]