Oil prices extend gains ahead of U.S. inventory data
Xinhua,March 07, 2018 Adjust font size:
NEW YORK, March 6 (Xinhua) -- Oil prices settled slightly higher on Tuesday after swinging in a narrow range, as investors assessed expectations a U.S. crude stockpile increase against a weaker U.S. dollar.
Oil prices were under pressure as market expects that official data scheduled for release Wednesday would show a second straight rise in U.S. crude inventories.
According to a Bloomberg survey, U.S. crude stockpiles were expected to rise 2.5 million barrels last week.
However, a weaker U.S. dollar gave oil prices some support as it made the dollar-priced commodity more attractive for holders of other currencies.
The dollar index, which measures the greenback against six major peers, decreased 0.48 percent to 89.624 at 3:00pm (2000 GMT).
The West Texas Intermediate for April delivery increased 0.03 U.S. dollar to settle at 62.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery added 0.25 dollar to close at 65.79 dollars a barrel on the London ICE Futures Exchange. Enditem