Oil steady on subdued dollar, traders await more inventory data
Oil prices were little changed on Wednesday amid subdued movements in the dollar, and as investors waited for more inventory data for more clues on demand trends.
Brent crude futures rose by one cent to $83.70 a barrel at 0405 GMT, after gaining 3.3% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures climbed by 15 cents to $77.29, after jumping 4.1% in the previous session.
Oil benchmarks are expected to retain support after Federal Reserve Chair Jerome Powell sounded less hawkish on interest rates than markets had expected, while the latest data showed U.S. crude inventories fell despite earlier expectations of a climb.
“The improved risk sentiment in the aftermath of Fed Chair Jerome Powell’s comments, along with a weaker U.S. dollar, seem to be tapped on for some upside in oil prices, after seeing a lacklustre performance since end-January,” said IG’s market analyst Yeap Jun Rong.
This report’s information was first seen on REUTERS; to read more, click this link.