Oil Steady as Dollar Slumps and Russian Oil Products Ban Looms

February 2nd, 2023

Awake Goy

LONDON—Oil prices were steady on Thursday after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply.
Brent crude futures fell 10 cents, or 0.1 percent, to $82.74 a barrel by 0937 GMT while West Texas Intermediate (WTI) U.S. crude futures advanced 1 cent to $76.40.
Both benchmarks plunged more than 3 percent overnight after U.S. government data showed a large build in oil stocks.
The U.S. Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday, yet continued to promise “ongoing increases” in borrowing costs as part of its battle against inflation…. Source