Oil flat as weaker dollar offsets surge in US gasoline stocks
NEW YORK: Oil prices were little changed as a falling dollar NSE -0.31 % and rising stock market offset earlier declines caused by a big increase in US gasoline stockpiles and subdued demand compared with pre-pandemic levels.
Brent futures rose 20 cents, or 0.3%, to $63.36 a barrel by 11:43 a.m. EDT (1543 GMT), while US West Texas Intermediate (WTI) crude rose 2 cents to $59.79.
“The oil complex remains confined to a comparatively tight sideways trading range that is approaching its fourth week,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, noting the market “shrugged off” the dollar weakness as it focuses on the large gasoline inventory build and coronavirus-weakened demand.
