Crude Oil Steadies Near Two-Week Highs

27 Oct 2022 , 04:41 PM

Crude oil steadies near two week highs on Thursday, following a sharp rally in the previous session amid weakness in the dollar. The dollar was near a more than one-month low against a basket of currencies on the hopes that the U.S. Federal Reserve will shift to less aggressive interest rate increases. A weaker dollar makes oil cheaper for holders of other currencies and tends to reflect greater investor appetite for risk assets. WTI crude oil futures were up half a percent at $88.35 per barrel. Meanwhile, the Energy Information Administration reported a crude oil inventory increase of 2.6 million barrels for the week ending October 21. This compared with a draw of 1.7 million barrels for the previous week, accompanied by moderate moves in fuel inventories. Last week, the EIA reported a draw of 1.5 million barrels in gasoline inventories and a moderate increase of 200,000 barrels in middle distillate inventories. Powered by Commodity Insights