West TX Oil Below $58 on Stronger Dollar

Oil prices held steady in early Asian trade on Friday after diving 3 percent in the previous session as the dollar strengthened.  U.S. crude for June delivery was up 7 cents at $59.01 a barrel at 0037 GMT, after settling down $1.99, or 3.3 percent.  Brent crude for June delivery was 12 cents higher at $65.66 a barrel. The contract had closed down $2.23.

More U.S. supply could weigh on global markets, with Senator Lisa Murkowski saying on Thursday she would unveil a bill next week to reverse the U.S. oil export ban.

Oil’s rally is technically exhausted, with U.S. crude likely to fall below $55 a barrel, even reaching under $49, as the dollar’s rebound helps pressure the market, chartists said on Thursday.