Oil prices surge on weakening dollar, potential supply disruptions
(Reuters) -Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world’s biggest crude consumer, supported markets.
Brent crude futures rose 38 cents, or 0.4%, to $94.48 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude rose 46 cents, or 0.5%, to $88.94.
The dollar index slipped 0.14% on Wednesday, dialing back the previous session’s gains, lifting demand for dollar-denominated commodities such as crude oil from holders of other currencies.
The International Energy Agency (IEA) said Wednesday it expects widespread switching from gas to oil for heating purposes, saying it will average 700,000 barrels per day (bpd) in October 2022 to March 2023 – double the level of a year ago.
