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Softer Dollar Pushes Oil Higher

2025-01-01OANDAOANDA
Oil eased further below $59 a barrel on Wednesday, pressured by concerns about weaker demand for fuel due to slower economic growth and forecasts of a further rise in U.S. crude inventories. Prices gained some support due to signs from the Organization of the Petroleum Exporting Countries that further curbs to oil supply could come […]

Oil eased further below $59 a barrel on Wednesday, pressured by concerns about weaker demand for fuel due to slower economic growth and forecasts of a further rise in U.S. crude inventories.

Prices gained some support due to signs from the Organization of the Petroleum Exporting Countries that further curbs to oil supply could come in December. OPEC and its allies meet on Dec. 5-6 in Vienna to review output policy.


West Texas Intermediate graph

Brent crude LCOc1, the global benchmark, slipped 7 cents to $58.67 a barrel by 1315 GMT. U.S. crude CLc1 gained 1 cent to $52.82.

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