Oil pares gains after hitting new highs on tightening OPEC supplies
NEW YORK (Reuters) – Oil pared gains on Thursday after a stronger U.S. dollar pressured prices that earlier hit year highs due to falling U.S. inventories and the OPEC+ decision to stick to its output cuts.
Brent crude gained 17 cents to $58.63 a barrel by 12 p.m. EST (1700 GMT), having earlier hit its highest level since Feb. 21 at $59.04.
