Oil price hovers near $83 as strong dollar vies with inflation worry
Oil prices were steady to a few cents lower on Thursday, as the market grappled with a stronger U.S. dollar along with concern over increasing U.S. inflation, and after OPEC cut its 2021 oil demand forecast due to high prices.
Brent crude futures were down 8 cents to $82.56 a barrel by 1:42 p.m. EDT (1842 GMT) after falling earlier to $81.66. U.S. West Texas Intermediate (WTI) futures were down 2 cents to $81.32 after hitting a session low of $80.20.
On Wednesday, U.S. data showed consumer price inflation rose in October at an annual rate of by 6.2%, the fastest rate in 30 years, driven largely by steeper energy prices.
