Oil prices stabilize as reported drop in US crude stockpiles offset dollar strength [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
Oil pumpjacks in silhouette at sunset. Oil prices pared early losses on Thursday, stabilizing as the impact of a firmer dollar was offset by support from an industry report showing an unexpected decline in U.S. crude stockpiles. Brent crude futures were down 3 cents at $65.39 a barrel by 8:19 a.m. ET (1319 GMT), while West Texas Intermediate (WTI) futures dropped 15 cents to $61.53 a barrel. The dollar rose to a one-week high against a basket of major currencies on Thursday, after minutes of the Federal Reserve 's January meeting showed policymakers were more confident of the need to keep raising interest rates. With the strengthening dollar, the oil price has lost nearly 10 percent since hitting a multi-year high above $70 in January. show chapters The correlation between moves in the oil price and the dollar has strengthened in the last couple of weeks, as investors increasingly sell other assets to buy th
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