Oil held near a four-month high as a stronger dollar capped a rally spurred by a bigger-than-expected drain from US stockpiles.
Futures were little changed in New York, after having climbed above $60 a barrel on Wednesday for the first time since November when US government data showed that nationwide stockpiles fell by the most since July. The dollar gained, undermining investors’ appetite for crude and other commodities priced in the US currency.
“Oil stocks are getting a little bit tighter than what we’ve been used to,” said Phil Streible, senior market strategist at RJO Futures Group in Chicago. “But the dollar index is going up and weighing on oil.”
