Oil held gains above $68 a barrel as a weaker dollar boosted the commodity’s appeal and as investors awaited news on whether OPEC and allies will boost output.
Futures in New York were little changed on Thursday. Prices advanced 2.2 percent on Wednesday after the dollar declined by the most in almost three weeks. A slump in oil prices following a proposal by Saudi Arabia and Russia to restore output eased ahead of a weekend meeting between some producers including Saudi Arabia and Kuwait. Investors also largely shrugged off an industry report showing a gain in U.S. crude inventories.
West Texas Intermediate for July delivery traded at $68.04 a barrel on the New York Mercantile Exchange, down 17 cents, at 9:19 a.m. in Tokyo. The contract climbed $1.48 to $68.21 on Wednesday. Total volume traded was about 66 percent below the 100-day average.
Brent futures for July settlement, which expires Thursday, dropped 0.3 percent to $77.31 a barrel on the London-based ICE Futures Europe exchange. The more-active August contract slipped 0.2 percent. The global benchmark traded at a $9.28 premium to July WTI.
Source : Bloomberg