West TX Oil Steady at $93 on Ample Supply

U.S. crude oil futures steadied at over $93 a barrel on Friday in early Asian trades, after falling more than a dollar on Thursday, pressured by a supply glut, a stronger U.S. dollar and demand concerns.

U.S. crude traded down 1 cent at $93.06 a barrel as of 0027 GMT after it settled $1.35 lower at $93.07 in the previous session, hit by a higher-than-expected crude oil inventory build.

Brent also eased 1 cent to $97.69 a barrel after it settled $1.27 lower at $97.70 a barrel.  The dollar index, a gauge of the greenback’s value against six currencies, rose to a more than four year high, buoyed by the Federal Reserve’s forecasts for short-term rates.

CNBC

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