Oil futures were slightly lower in midday Asian trading despite modest declines in the dollar, with overhang from Wednesday’s U.S. inventory data potentially weighing on sentiment.
–December Nymex light, sweet crude on the New York Mercantile Exchange was recently 0.2% down at $52.10 a barrel in the Globex trading session. Brent fell 0.1% to $58.36.
–On Wednesday, U.S. government data backed a prior reading from an industry group and showed a surprise slight increase last week for crude supplies.
–But some market participants remain upbeat that global supplies will be brought into equilibrium by the ongoing production caps led by the Organization of the Petroleum Exporting Countries. It’s “still determined to bring oversupply under control,” said Shane Chanel, equities and derivatives adviser at ASR Wealth.
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