Oil Stable On Weaker Dollar And Healthy Economic Growth, But Pockets Of Oversupply Linger


Oil Stable On Weaker Dollar And Healthy Economic Growth, But Pockets Of Oversupply Linger

Oil prices were stable on Wednesday, supported by healthy economic growth and expectations that a weaker dollar could spur fuel demand.

Despite this, crude prices remain well below recent highs due to signs of lingering oversupply, including rising U.S. inventories and ample physical flows globally.

U.S. West Texas Intermediate (WTI) crude futures were at $59.17 a barrel at 0123 GMT, down 2 cents from their last settlement. WTI was trading above $65 in early February.

Brent crude futures were at $62.77 per barrel, up 5 cents from their last close. Brent was above $70 a barrel earlier this month. Read More…

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