Oil climbs 3rd day on subdued dollar, US crude stocks' drop

📆 2/8/2023 1:39 AM
📰 ChannelNewsAsia

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SINGAPORE :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 per cent in the previous session. U.S. West

SINGAPORE :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.

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 dollar index was down slightly on Wednesday, extending losses after Powell's comments on Tuesday, making oil cheaper for those holding other currencies.

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Oil climbs 3rd day on subdued dollar, US crude stocks' dropMELBOURNE : Oil prices rose early on Wednesday, extending gains from the previous two days, as the dollar fell after Federal Reserve Chair Jerome Powell sounded less hawkish on interest rates than markets had expected and as U.S. crude stocks surprisingly fell.Brent crude futures inched up by 11 cents, or
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