Oil steadies below $65 after capping the worst run in six months
Oil steadied below $65 a barrel after a four-day drop, aided by a weaker dollar as traders assessed the outlook for global demand.
West Texas Intermediate was 0.2% lower in early Asian trading following the longest run of losses in six months. Prices ended lower on Wednesday after data showed that U.S. crude stockpiles topped half a billion barrels and the International Energy Agency said worldwide supplies are plentiful.
Oil’s surge in 2021 has hit a soft patch this week. Despite substantial OPEC+ output cuts and Covid-19 vaccine breakthroughs that have fed the narrative of a tightening market as the pandemic ebbs, prices have wavered as the demand rebound continues to be patchy and supply risks linger. Should prices end lower on Thursday that would be the longest losing run for WTI in over a year.
