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MTECHTIPS:-U.S. oil rebounds ahead of supply data, Brent at 4-week low
West Texas Intermediate oil futures inched up on Wednesday, but gains were likely to remain limited amid speculation weekly supply data due later in the session will show U.S. crude inventories rose to the highest level on record last week. On the New York Mercantile Exchange, crude oil for delivery in April tacked on 10 cents, or 0.2%, to trade at $48.39 a barrel during European morning hours. Prices held in a range between $48.35 and $49.05. Wednesday’s government report was expected to show that U.S. crude oil stockpiles rose by 4.4 million barrels last week, while gasoline stockpiles were forecast to decrease by 1.7 million barrels. After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories fell by 404,000 barrels in the week ended March 6, the first drop in two months. The report also showed that gasoline stockpiles rose by 1.7 million barrels, while distillate stocks increased by 1.7 million barrels. A day earlier, New York-traded oil prices tumbled $1.71, or 3.42%, to settle at $48.29 a barrel as a firmer U.S. dollar weighed on commodities. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, hit 99.01 on Wednesday, the most since April 2003, and was last at 98.91, up 0.3%. A stronger dollar makes U.S. commodities more expensive for importers holding other currencies such as yen or euro. Demand for the dollar continued to be underpinned after last week’s stronger-than-forecast nonfarm payrolls report for February solidified expectations for higher interest rates.
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