Weaker Dollar, Possible Producer Action Buoy Oil Prices After 4% Slump

www.oann.com | 2/10/2019 | Staff
SINGAPORE (Reuters) – Oil futures jumped more than $1 a barrel on Thursday amid a weaker dollar, recovering ground after concerns that a global economic slowdown would hurt crude demand sparked losses of over 4% in the previous session.

Brent crude had rebounded to $57.52 a barrel, up $1.29, or 2.29%, from its last close by 0032 GMT, while U.S. crude futures jumped $1.30, or 2.54%, to $52.39 a barrel.

Contracts - Levels - January - Wednesday - Surprise

Both contracts hit their lowest levels since January on Wednesday after a surprise build in U.S. crude inventories added to worries that the brewing Sino-U.S. trade war could further dampen demand-growth this year.

“The U.S. dollar is losing some steam and easing some of the pressure on oil prices,” said Alfonso Esparza, a Toronto-based senior market analyst at...
(Excerpt) Read more at: www.oann.com
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